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Gold/Mining/Energy : Goldbelt Resources (GDB.V) - anyone follow this ?
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To: Mr. Oil who wrote (40)4/23/1999 1:26:00 AM
From: John Sladek  Read Replies (1) of 44
 
Ray,

Can you give a little update in point format as to what you understand the steps will be for GDB over the next 3 to 4 months. When do you think it will start trading again?

This is all from reading the press releases that have been posted here and earlier.

First, at the last meeting, the shareholder's have approved everything necessary to do the reverse merger with Regal.

#reply-9063405
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.

Assuming that Regal can put to gether a fiancing deal, and

1. Reverse Split: Any GDB shares that you own will be consolodated

2. Reverse Merger: GDB will issue a whole pile of new shares which it will pay to the curent owners of Regal in exchange for the Ukranian properties

3. Financing: The new company will issue a whole bunch of new equity, and take on debt in order to raise the necessary working capital to put the fields into production.

4. At some point, after all conditions are met, the VSE will approve the deal. Note: this assumes that Regal does have clear title to the properties, and that they will be able to find someone to finance the project.

Assuming that they get everything together, this means one thing: dilution....

It will probably only start trading again after the deal goes through (if the deal goes through).

Regards,
John Sladek
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