Steppe Gold loses court case; board members resign
Steppe Gold Resources Ltd
SPE
Shares issued 34,075,770
1999-03-01 close $0.05
Wednesday May 26 1999
Mr. John Menzies reports
On May 20, 1999, the Supreme Court of British Columbia, despite a vigorous
company defence, granted summary relief to Sterling Capital Pty. Ltd., in its
complaint for repayment of $100,000 (Canadian) principal plus accrued interest
on the subordinated note issued by the company and maturing on April 2, 1999.
The company contended that the terms of the note provided for repayment
through the issuance of shares of the company.
The company has no liquid resources available to satisfy this judgment. Despite
extensive worldwide solicitation for renewed investment in the company,
management has been unsuccessful in identifying appropriate sources of capital
and the company's ability to continue to meet its obligations as they fall due is in
doubt.
Separately, Antares Mining and Exploration Corp., has exercised its option to
convert the $1.7-million (Canadian) convertible debenture issued to Antares by
the company on June 26, 1998. In accordance with the provisions of the
debenture, Antares has elected to convert the debenture into a 20 per cent interest
in the company's interest in the Mizek project and the Kosmurun and Akbastau
exploration properties.
Further, the company announces that the company's board of directors comprising
Robert Bell, James H. Dunnett, John Menzies and Ian Smith, has resigned with
immediate effect.
at last Micap for president!!!!!!!!! |
