BRO-X MINERALS (C.BXO) Message Board

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Gold/Mining/Energy : BRO-X MINERALS (C.BXO)

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To: alan holman who wrote (270)	9/18/1998 12:48:00 AM
From: FARcom	Read Replies (2) of 363

Just saw this on the the following link. Part of latest article: canoe.ca Meanwhile, the interim receiver of Bre-X affiliates Bresea Resources Ltd. and Bro-X Minerals Ltd. said yesterday he has served notice on Bro-X that Bresea wants to redeem its two million preferred shares, which would essentially wipe out the $900,000 in Bro-X's cash reserves. "We don't want Bro-X to enter into any transactions that would see the value diminished," said Kurt Bonokoski of Price Waterhouse Coopers Inc. in Calgary. The $900,000 would be added to the $26 million in cash Bresea has on its books. Bro-X's interests in two properties in Indonesia will still probably not be enough to cover the balance of what Bresea is owed for the preferred shares, he said. Bonokoski said Bresea will also ask the Court of Queen's Bench of Alberta for permission to sell the Calgary office building that housed Bre-X and to sell Bresea's remaining interests in Indonesia. The building is worth about $2.3 million Anyone, Is that as bad as it sounds? Bresea prefered shareholders want bro-x common share assets? I hope not. They are bresea prefered not bro-x. That doesn't seem right to me. JMHO, FP

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