*********NEWS*******UPDATE************
International Taurus Resources Inc ITS
Shares issued 26,751,339 Sep 14 close $0.27
Tue 15 Sept 98 Acquisition
The VSE has accepted for filing an agreement dated July 17, 1998, between
Cyprus Canada and the company whereby the company has optioned to purchase
Cyprus's 100 per cent interest in a portfolio of 20 properties in the Casa
Berardi area, Quebec, and an ultra-high resolution EM-magnetometer airborne
survey covering more than 5,600 square kilometres of the Abitibi greenstone
belt, northern Ontario and Quebec. Consideration is the payment of $750,000
and issuance of 1,250,000 shares of the company as stated below. In
addition, Cyprus has a back-in of up to 51 per cent in any portfolio
property up to the completion of a bankable feasibility by paying 150 per
cent of the company's expenditures. The company will pay to Cyprus: $50,000
upon execution; $50,000 on six months and 12 months after execution;
$150,000 on 18 months, 24 months, 30 months and 36 months after execution.
The company will issue to Cyprus: 250,000 shares forthwith and 500,000
shares on each of July 1, 1999 and 2000.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
