Good news. Some dilution, but unavoidable I would think.
We are still alive and kicking!
Subject:
Stockwatch: Bomax Resource Corp - News Release
Date:
Mon, 06 Jul 1998 11:09:53 -0700
From:
newsout@canada-stockwatch.com
2m unit financing
Bomax Resource Corp BXS
Shares issued 6,552,701 Jul 2 close $0.20
Mon 6 Jul 98 News Release
Mr. James Bond reports
A private placement has been arranged of up to 2,000,00O units at 15 cents
per unit. Each unit will consist of one share and one non-transferable
warrant, entitling the holder to purchase one additional share. The
warrants will be exercisable for one year at 15 cents per share. This
private placement is non-brokered and a finder's fee will be payable in
accordance with the policies of the Vancouver Stock Exchange. The proceeds
will be used to pay certain outstanding debts, for general working capital
and to finance the due diligence regarding the acquisition of certain oil
and gas properties in Kazakhstan.
The company has negotiated the settlement of certain outstanding accounts
payable in the amount of $208,083.75, and loans payable in the amount of
$111,650.00. The company will apply to issue up to 2,131,558 shares in
accordance with the rules and policies of the Vancouver Stock Exchange.
These shares will be issued at a deemed price of 15 cents per share and
will be subject to a one year hold period.
The company has executed a letter of interest with Weskaz Oil & Gas, a
Grand Cayman company, whereby the company would acquire a 48 per cent
interest in certain oil and gas properties, all in Kazakhstan. As
consideration for this interest, the company has agreed to issue that
number of shares to be determined by an evaluation of the properties to be
conducted by an independent consulting petroleum engineer, and allowable by
the rules and policies of the Vancouver Stock Exchange. A finder's fee will
be payable in accordance with the policies of the Vancouver Stock Exchange.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
