Major General Resources Ltd
MGJ
Shares issued 36,965,680
1999-01-21 close $0.25
Friday Jan 22 1999
The VSE has accepted for filing an option agreement dated Dec. 11, 1998 among Major General
Resources and Duncan Michano, Maryann Matson, Brian Gionet, John Michano, Anne Skalesky and
Patricia Mealey (collectively, the optionors) whereby the company can acquire a 100 per cent interest in
mineral claims in the Prairie River property, Ontario.
The company may earn a 100 per cent interest in the property by making staged exploration expenditures
totalling $500,000, staged cash payments totalling $30,000 and issuing a total of 200,000 shares over five
years. Up to 40,000 shares may be issuable upon exchange acceptance, the remaining 160,000 shares
(four tranches of 40,000 shares each) are subject to the filing (for each tranche) of an acceptable
geological report recommending further exploration expenditures with the exchange.
The property is subject to a 2.5 per cent nsr, of which 1.5 per cent may be bought out for $1,500,000
(subject to further exchange review). |
