Armada Gold 10 Million oz of Gold & 1 billion lb of Cu ! Message Board

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Gold/Mining/Energy : Armada Gold 10 Million oz of Gold & 1 billion lb of Cu !

AAU 0.380

-5.0%

Sep 29 5:00 PM EST

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To: Syncrude who wrote (497)	10/15/1998 12:51:00 PM
From: m.philli	of 552

Here is some info from IR for anyone interested in the possibilities for price increase of Armada. There are approximately 100 million shares issued right now. There is an $8 million convertible debenture outstanding which converts to 17 million shares at $.45. Outstanding options would be 9 million and there are 1,500,000 broker warrants in place. The Japanese (Marubeni) hold no equity in Armada or in the joint venture company in Mongolia. They are strictly financing the project to obtain a supply of copper for their metals division and to earn an interest rate on the financing of the project. They did pay for the feasibility study on the expansion. Larger shareholders are Capital Asset Management, Bank von Haut, Dynamic Funds, Robert Friedland, Lion Asset Management and the Midas Funds.

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