Biometric agrees to grant option on Argentine properties
Biometric Security Corp BMS
Shares issued 20,834,412 Jan 25 close $0.20
Mon 25 Jan 99 News Release
Also Inlet Resources Ltd (INS)
Mr. Patrick McCleery reports
Biometric Security Corp. has reached an agreement to grant Inlet Resources
an option to purchase its Argentine properties.
BMS has granted Inlet an option to purchase up to 90 per cent of the
properties, over a three year period, with a buyout of the remaining 10 per
cent at $2,000,000 (U.S.). During the first year, the agreement requires
Inlet to pay BMS $150,000 (U.S.), issue BMS 100,000 shares and complete a
$650,000 (U.S.) work program. During the second and third years of the
agreement Inlet is to pay BMS a total of $600,000 (U.S.), issue 200,000
shares and complete work commitments totalling $150,000 (U.S.) to acquire
the remaining 40 per cent of the properties.
WARNING: The company relies on litigation protection for "forward-looking"
companies. |
