Here's the latest news from Solidor. The market took it pretty hard at first this morning but things recovered a little by noon.
Any comments on this? Is Solidor still actively looking for other properties if they're writing this one off and the Mexican stuff fell through?
Solidor Resources Inc - News Release
Proposed share consolidation and name change; board changes
Solidor Resources Inc
SLZ
Shares issued 8029711
1997-01-17 close $0.19
Friday Jan 17 1997
News Release
Mr Stanley Ford reports
The company is seeking approval from its members and the VSE to:
Consolidate its current authorized capital of 20,000,000 shares, of which
8,209,711 shares are issued and outstanding into 4,000,000 shares, of which
1,641,942 shares will be issued and outstanding (ie, consolidation on a five for
one share basis);
Increase its authorized capital to 100,000,000 shares, of which 1,641,942 shares
will be issued and outstanding;
Change the name of the company to Sheffield Resources Inc;
Subsequent to the proposed consolidation, issue 375,000 performance escrow
shares to the principals of the company.
The proposed share consolidation, increase in authorized capital, name change
and issuance of performance escrow shares are subject to approval by the
shareholders of the company and the VSE. Shareholder approval is being sought
at the company's AGM to be held February 1997.
The board of directors is currently seeking inactive status from the VSE to
facilitate its proposed reorganization. The board believes that these changes will
provide for a more realistic outstanding share capital and an orderly market for the
trading of the company's shares.
Further to news in Stockwatch October 9 1996, the private placement to issue
400,000 units at $0.28 with net proceeds totalling $110,800 was cancelled.
Mr Ford also reports
The directors have reviewed the activity of the company's 19 Labrador
properties, being the Voisey's Bay and Okak Bay properties. Only the Sine
property, initially appeared to have any interesting results, as reported in news
releases in Stockwatch August 19 and November 13 1996.
The Sine property assay results were received from the operator's geological
consultant stating that the samples from a second visit did not contain any of the
platinum group elements. In addition, the operator's geological consultant sent a
petrographic report on thin sections taken from a group of rock samples, the
results of which had been released in a news release in Stockwatch November 13
1996. The nickel contained in the samples, unfortunately, did not relate to
sulphides as was found in the Diamond Fields' Voisey's Bay discovery. The
company is not the operator on 18 of the 19 Sine properties.
In light of these results the company has decided that no further work is justified at
this time on any of the Labrador properties. The operator has filed assessment
reports on all the Labrador properties in order for them to receive the $50 per
claim refund. Unless an at-arm's-length company announces a discovery near a
Solidor property, no further exploration funds are planned to be spent.
The company has received only one unsatisfactory offer to take over the Squall
Lake property in Manitoba. This property will require an assembly of the
extensive data available to determine its potential. The property was written off by
previous management. The present board of directors will assemble and review all
known material and information before any money is spent on the Squall Lake
property. This review will take at least three months.
On January 7 1997, Mr Glenn Greig, corporate secretary, resigned and Mr Peter
Rook-Green was appointed in his stead. On January 10 1997, Mr David
Melenchuk resigned as a director and Mr John H. Vice was appointed in his
stead. The present board consists of Mr Wade K. Dawe, Mr Stanley R. Ford
and Mr John H. Vice.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
