March 16, 1999 Provides Further Update On Pending Transactions
Paul Morgan , President and CEO of Goldbelt Resources Ltd. announces that the Company and Regal Petroleum Corporation Limited ("Regal") have executed a definitive Share Purchase Agreement for the previously announced (December 8, 1998) acquisition of Regal by Goldbelt. The Agreement is still subject to several conditions including a clear title opinion on Regal's gas holding in the Ukraine and the approval of the Vancouver Stock Exchange which requires, among other things, the raising of adequate working capital. A closing of the transaction is expected during the second quarter of 1999.
A resolution to permit the effective change of voting control of the Company which will result from the acquisition of Regal was approved at the Company's Extraordinary General Meeting held on February 26, 1999, as adjourned.
Goldbelt and Dabney Industries ("Dabney") executed a definitive Share Purchase Agreement on February 22, 1999 for the transfer of a 55% ownership in Dostyk LLP from Goldbelt to Dabney. This completed the deal as originally announced April 21, 1998. Dostyk LLP holds two exploration licenses in Kazakhstan - the Mykubinsk and Central Kazakhstan licenses. Dabney paid US $50,000 at closing as the remaining balance due of the US $100,000 purchase price. Goldbelt retains a 25% interest in Dostyk LLP. Dabney has the right to purchase Goldbelt's interest for US $900,000 subject to certain conditions.
The Company's Board of Directors appointed Paul J. Morgan as President and Chief Executive Officer of Goldbelt effective March 1, 1999 replacing Mark A. Wilson, who will continue to provide certain contracted services for the company. Mr. Morgan was President and CEO of Goldbelt from 1992 until June 1998. He is a member of Goldbelt's board of directors and will remain as President and CEO of the Company following the acquisition of Regal.
TEL: (303) 297-9987 Paul J. Morgan, President & CEOFAX: (303) 297-9985 |
