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Gold/Mining/Energy : IBI CORP IBIC (CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Stocker who wrote (305)	6/25/1999 8:10:00 PM
From: Elizabeth A Rice	Respond to of 422

The announcement of financing for the East African Development Bank is yet to follow, as well as the amount raised in the warrants offering which closes June 30. This last announcement meets the June 30 th deadline to aquire the 70% rights which means that CANMIN is now a reality and phase 2 is a reality ..want to know what CANMIN is? read page 16 of the rights offering circular. Exploration is done, production is underway for both the phos and verm and contracts could be announced shortly as the deposits are verifiable and there is cash to dig the stuff out.

To: Stocker who wrote (305)	6/25/1999 9:32:00 PM
From: Adrian Wade	Read Replies (2) \| Respond to of 422

Stocker, Greetings. Thanks for the $0.05 calculation. But how will their 15% ownership be manifest. Will the bank own 15% of the shares already issued? Will IBIC issue more shares so that the bank owns 15% of the new total? Does IBIC have 15% of its shares already shown as "issued" on the books but not sold? Will the bank get a seat on the BOD? I guess "our" 100% just became 85% and IBIC got the money to get the projects going and so increase shareholder value in the longer term.