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Gold/Mining/Energy : International Tournigan(ITG.V)announces major discovery
ITG 30.230.0%Feb 28 4:00 PM EST
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To: Danny Grant who wrote (340)4/16/1999 10:23:00 PM
From: rdww  Read Replies (1) of 347
 
looks like life is getting snuffed out here!

Int'l Tournigan negotiating with Berenguela vendor

International Tournigan Corporation ITG
Shares issued 16,553,331 Apr 16 close $0.16
Fri 16 Apr 99 News Release
Mr. A.E. (Ted) Daem reports
The company is in negotiations with respect to its agreement to acquire the
Berenguela property in Peru. The vendor has given notice of termination of
the agreement on the basis that the company did not meet its February 1999
payment obligations under the agreement.
If the agreement has terminated, then the vendor is obligated to repay to
the company $1.1-million. The company has been in continuing negotiations
with the vendor since February to reach a new agreement. Concurrent with
the negotiations with the vendor, management has had continuing discussions
with third parties who have expressed interest in providing the
$2.5-million (U.S.) feasibility study financing that any new agreement
would require. These discussions are continuing.
There can be no assurance that an agreement satisfactory to the company,
the vendor and the prospective third party financing group will be entered
into or that the company will be successful in securing financing for any
agreement.
Notwithstanding the uncertainty of the outcome of these negotiations,
management is seeking to reduce the company's debt and enhance its ability
to attract additional working capital.
Accordingly, the company proposes to settle debts with its creditors in the
total amount of $162,902.32. The company will issue a total of 905,013
shares at 18 cents.
The company proposes to grant stock options to directors and employees of
the company in the amount of 837,000 shares, at 18 cents per share
exercisable up to and including April 12, 2002. The company will also seek
regulatory acceptance of the repricing of existing 1,548,000 stock options
to 18 cents.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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