Today's Grass Valley Union
Brush Creek sets shareholders' meeting
By S.E. Humphries - Thu, Dec 10, 1998
A special meeting of Brush Creek Mining and Development shareholders will be held Dec. 23 in Grass Valley.
The company's new president and chief executive officer, Larry Stockett, made the announcement Wednesday
afternoon.
Directors approved the special meeting of the shareholders to be held at 120 E. Main St. at 1 p.m. According
to Stockett, shareholders will be asked to vote on several proposals, all of which he has said he wants to
accomplish before Christmas. The issues include:
-- A proposal for settlement of the lawsuit with former partner Sterling-Volcanic Resources;
--The filing of a counter-suit on behalf of the company against
Sterling-Volcanic;
-- The filing of a shareholder suit against Sterling-Volcanic.
-- A proposed settlement of a judgement by the Royal Bank of Scotland group;
--A proposed settlement of litigation with Ruby Development Corp., which hold the rights to Brush Creek's
mines, and cancellation or revision of the company's lease of the Ruby and Rising Sun gold mines.
-- A proposed ten-for-one reverse stock split of the company stock.
-- A proposal to increase the authorized shares of the company's stock from 10 million shares to 50,000,000
shares in order to facilitate proposed and future acquisitions.
-- A proposal to acquire U.S. Cement for 10 million shares of Brush Creek stock at $5 per share based on the
audited book value of U.S. Cement.
-- A proposal to acquire McLaughlin Engineering and Mining, Inc. for two million shares of Brush Creek stock at
$5 per share based upon its audited net worth in excess of $5 million, sales in excess of $5 million and
cumulative retained earnings in excess of $5 million.
-- Approval of an incentive option for Larry Stockett to purchase one million shares of Brush Creek stock for
par value upon the stock trading at a closing bid price of $5 per share for ten consecutive trading days; and
-- A proposal for a shareholder rights offering.
For more information about the meeting, shareholders should call Stockett at 477-6020.
Stockett said in a press release that he apologized for the short time frame proposed for the special
shareholders' meeting and the proximity of the meeting to Christmas, but that the meeting was necessary to
resolve the issues this fiscal year, he said. |
