SUNGOLD GAMING INTERNATIONAL LTD. - COMPANY UPDATE
Today Kevin Gover, the Assistant Secretary of the Interior signed
the Final Determination, a positive decision, for the Gun Lake
Band (aka: Match-e-be-nash-she-wish).
Sungold is currently negotiating a management agreement with the
Gun Lake Band for the development and management of a Class III
casino on its "initial reservation" land as per the Indian Gaming
Regulatory Act of 1988 (IGRA). Sungold is preparing to place land
in trust as described in Gun Lake Tribal Resolution #98-02, which
will be the tribe's "initial reservation" land.
Mr. Tim Gladieux has been appointed V.P. of operations for
Sungold. Mr. Gladieux has a distinguished career as the
President and C.E.O. of V/Gladieux Enterprises, Inc., which is a
diversified firm involved in a pro sport franchise, hospitality
and food services, real estate development and recreational
marinas. V/Gladieux Enterprises contracts to over 100
facilities, has sales in excess of US$50 million and employs over
1,000 people. Mr. Gladieux is subscribing for a private placement
of 550,000 units (the private placement unit). Each unit is
comprised of one common share and one non-transferable share
purchase warrant in the capital stock of the Company at US$2.00
per unit to net the treasury an aggregate of US$1,100,000. Each
two share purchase warrants entitle the placee to purchase one
additional common share of the Company exercisable at any time
within (2) years of the date of this agreement at a price of
US$2.00 per share during the first year and at a price of US$2.50
per share during the second year. Mr. Gladieux will be
nominated for the position of Director at the next Sungold A.G.M.
Mr. Gladieux has been issued 100,000 options of Sungold Gaming
International Ltd. at 1.25 per share.
The Company has completed the private placement of a total of
75,000 units (the "private placement units") with
Donald R. Harris (the "placee"), each unit comprised of one
common share and one non-transferable share purchase warrant, in
the capital stock of the Company at US$2.00 per unit to net the
treasury an aggregate of US$150,000. Each two share purchase
warrants entitle the placee to purchase one additional common
share of the Company for a period of two years from October 14,
1998, being the date of the distribution, at US$2.00 per share
during the first year and at a price of US $2.50 per share during
the second year.
Exercisable date of the TAC International Investments LLC
US$24,000,000 equity financing of Richmond Downs has been changed
to May 1, 1999. The terms of the letter of intent remain
6,000,000 shares at US$4.00 per share.
SUNGOLD GAMING INTERNATIONAL LTD.
Per: Kim N. Hart, President
For more information regarding this release or to be updated on
future corporate news please contact Anne Kennedy at
604-669-9580.
SEE:
ISDN WIRE SERVICE:
isdnwire.com
|
