Northern Abitibi resumes legal action against Hymex and IMC
Northern Abitibi Mining Corp NAI
Shares issued 27,755,028 Apr 13 close $0.12
Tue 13 Apr 99 News Release
Also Hymex Diamond Corp (HMD)
Mr. Glen Harper reports
Northern Abitibi Mining has resumed legal action against International
Mining Company S.A. (IMC), its president, Jobran Shakkour, and Hymex
Diamond.
A settlement agreement reached in September 1997, on the Milo property,
Guinea, has failed to close and Hymex has failed to continue quarterly
extension payments of $25,000 (U.S.) per quarter. Under the settlement
agreement, Hymex had agreed to repay Northern Abitibi the principal amount
of the loan ($250,000 (U.S.)) plus the accrued interest, and in addition
was to issue a total of 500,000 shares to Northern Abitibi. The total value
of the loan and accrued interest receivable is $401,816 (Canadian).
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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