this should be the end of the shr dilution and the phosphate program is up + running. Deals are in place for the offtake - so they just nedd a confirmation of the size and hopefully expand the project by late fall.
Champion to begin West Africa field program
Champion Resources Inc CHL
Shares issued 16,746,940 Apr 22 close $0.77
Fri 23 Apr 99 News Release
Mr. Michael McInnis reports
Champion has mobilized personnel to West Africa and has made logistical
preparation for the technical diligence program on the Farim phosphate
project. Company personnel and the drilling contractor will be in
Guinea-Bissau next week to commence the program, which consists of diamond
drilling, hydrologic evaluation and product transport studies. The field
program is scheduled to be completed by the end of June.
The satisfactory completion of the due diligence program is one of the
conditions precedent for the proposed $84-million (U.S.) project financing
loan reported in Stockwatch Dec. 11, 1999. The loan is also subject to
off-take contracts acceptable to the lender, and formal approval by the
Credit Guarantee and Insurance Corporation, the South African Reserve Bank
and the South African lender. Letters of intent for off-take have been
received and formal agreements are being drafted for delivery to the
potential customers. A finder's fee is payable to Caribbean Minerals Corp,
upon the successful completion of the project financing. Under the terms of
the Nov. 1, 1998, finder's fee agreement Champion would pay, upon receipt
of the funds, a 7 per cent commission on the value of the funds and issue a
warrant entitling CMC to acquire 2.5 million common shares of Champion at
20 cents.
The Farim phosphate project is owned by Champion Industrial Minerals Inc.,
a wholly owned subsidiary of Champion Resources Inc.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
|
