Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Consolidated Magna Ventures (CMV.V) -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (342)	9/8/1999 3:09:00 PM
From: jerry janko	Read Replies (1) \| Respond to of 380

Cons Magna arranges first block of CoyoteNet financing Consolidated Magna Ventures Ltd CMV Shares issued 21,484,464 Sep 7 close $0.06 Wed 8 Sept 99 News Release Mr. Robert Archer reports Consolidated Magna has successfully arranged for the first tranche of financing into CoyoteNet Inc., pursuant to the agreement to amalgamate the two companies. As a result, CoyoteNet is now fully financed to complete the rollout of 100 public access Internet terminals by year-end. Magna and CoyoteNet have therefore agreed to waive all future deadlines, including the Sept. 15, date for the exercise of the option. This will allow both companies to focus on financing the business plan of CoyoteNet rather than arbitrary deadlines. An offering memorandum is being prepared for the raising of up to $1-million in additional seed capital through the issuance of CoyoteNet shares. Despite the waiving of deadlines, both companies remain committed to completing this transaction as soon as possible. As of the end of August, CoyoteNet had 49 Internet terminals installed, up 26 per cent from the end of July. An additional 16 Internet terminals have already been ordered by clients for installation in September/October. July revenues are estimated to be approximately $34,000 based on 39 terminals and August revenues are anticipated to be approximately $45,000. In order to strengthen its management committee, CoyoteNet has recently appointed Donald Farnell to the board of directors of the private company. Mr. Farnell has over 30 years of investment banking experience and is currently the principal of a company that provides business consulting services to high-tech start-up companies, turnarounds and public companies. He has been the president of two public companies listed on the Vancouver Stock Exchange, the Alberta Stock Exchange and Nasdaq. He is presently a director of two VSE-listed companies. Mr. Farnell's experience and guidance will be a welcome addition to the board of directors of CoyoteNet.