News from another MIQ sister company:
Mimiska Inc (Societe Miniere) -
Reverse takeover bid for 3384837 Canada
Mimiska Inc (Societe Miniere)
MMS
Shares issued 19,533,558
1998-10-26 close $0.03
Wednesday Oct 28 1998
Mr. Michel David reports
The company has reached an agreement to acquire 100 per cent of the
outstanding shares of 3384837 Canada Ltd (the company). This acquisition is
considered a reverse takeover bid.
In order to complete the RTO of the company, Mimiska will propose to
consolidate its shares on one new for seven old basis. Following the consolidation,
the RTO will be completed by the issuance of approximately 16,000,000 shares.
The company holds various interest in mining properties in Nevada. To date
exploration expenditures on the property total approximately $3.2-million. The
shares will be issued at 20 cents.
The major properties are all gold exploration projects in Nevada and include:
The Hog Ranch property which is a joint venture with Cameco and consists of
141 unpatented claims. Cameco can acquire 45 per cent by expending
$1.5-million.
Burner-Mint project, a 54 claim project whereby the company can earn 50 per
cent from Inmet mining by expending $1,000,000 over five years.
The Wildhorse project, whereby the company can earn a 70 per cent interest
from Cyprus Metals by expending $1,000,000 in exploration. The property
consist of 22 claims.
The company also has interest in other properties in Nevada including the Pine (36
claims), Lone Mountain (four claims), Kawich (two claims) and Clifford (five
claims) all in Nye and Elko counties. The company also owns 100 per cent of a
55 square mile base metal project south of Goose Bay, Labrador.
The company proposes to raise between $500,000 and $1,000,000 to continue
its exploration activities.
Additional and/or new board members will be proposed and Jean Depatie will be
proposed as the new president and CEO of the new company.
A special meeting will be called to seek shareholder approvals for the
consolidation of the shares, the approval of the issuance of 16,000,000 new
shares for the RTO, the approval of the private placements, and the appointment
of new directors.
This transaction may be regarded as a back door listing subject to the rules and
policies of the Montreal Exchange and subsequently trading may be suspended
pursuant to these same policies and guidelines.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
