Here's what APG's old GOld property in Russia is doing now w/ similiar management to APG I think:
Boston Management acquisition closed
Kolyma Goldfields Ltd KMA
Shares issued 2,218,621 Aug 7 close $0.35
Fri 7 Aug 98 News Release
Mr. George Leary reports
The company has closed the acquisition of all of the issued and outstanding
shares of Boston Management Corp., a private Bahamas company. The company
issued 7,500,000 shares at 58 cents in consideration for the purchase of
the Boston shares. Of the 7,500,000 shares issued, 3,562,500 shares are
subject to a hold period until Aug. 18, 1998.
Under a stock purchase and subscription agreement made April 12, 1997, as
amended, Boston has agreed to purchase 100 per cent of the issued and
outstanding shares of ZAO Golden Kolyma, a closed joint stock Russian
company. In order to complete the purchase, Boston must pay $2,107,727
(U.S.) of which $850,305 (U.S.) will be paid to the shareholders of Golden
Kolyma and the balance to pay outstanding indebtedness of Golden Kolyma.
Boston has agreed to pay interest at an annual rate of 8.5 per cent from
Feb. 18, 1998 on these monies until paid.
Golden Kolyma owns or has the right to acquire, directly and indirectly
through interests in subsidiary companies, interests in mineral licences
for the exploration and recovery of gold ore and placer deposits from the
area of five alluvial and hard rock gold deposits within the Magadan oblast
or district of eastern Siberia.
The company will be carrying on verification checks and audit holes to
verify geological results obtained by Golden Kolyma.
The acquisition of Boston formed part of the company's corporate
reorganization which also included: a name change from Jalna Mining Corp.
to Kolyma Goldfields Ltd.; a one for two consolidation; and two equity
financings totalling $1,203,000. The company will also be seeking VSE
acceptance to the issuance of 656,250 additional performance escrow shares
to certain principals of the company.
The option granted to Alliance Pacific Gold to acquire a 50 per cent
interest in Golden Kolyma, announced in September 1997, has been cancelled.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
