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Gold/Mining/Energy : Dynamix Corp (DYX was Dakota Resources, DAK) -- Ignore unavailable to you. Want to Upgrade?

To: Wats who wrote (404)	11/20/1997 1:02:00 PM
From: JIM FINDLATER	Read Replies (1) \| Respond to of 587

To Wats and ALL, ***********NEWS RELEASE********** newsout@canada-stockwatch.com wrote: > > Fastway Exploration to be acquired > > Dakota Resources Limited DAK > Shares issued 16,179,587 Nov 19 close $0.15 > Thu 20 Nov 97 News Release > Mr Richard LeBlanc reports > Dakota has entered into an agreement effective November 18 1997, to acquire > 100% of Fastway Explorations Ltd, a 12 year old seismic company based in > Calgary. Fastway is a well-respected enterprise with a proven and expanding > history of operations in the oil and gas industry. The acquisition will > immediately provide Dakota with definitive cash flows, assets and > profitability. > For the fiscal year ending August 31 1997, Fastway had gross revenues > exceeding $8.0 million, a five year average growth rate of 25% with an > expectation of increased revenue this fiscal year. Given the strong > achievements within the energy sector and the expectation of continued > excellence for the forseeable future, this acquisition will provide Dakota > with expanding corporate performance. Fastway has an active clientele of 45 > producers including several blue chip seniors and a balance of smaller > producers. The management of the company has agreed to a three year > employee contract to continue with its excellent corporate development and > to provide for a gradual and smooth transition. > The acquisition will be effective October 1 1997. Consideration for the > transaction includes an undisclosed cash amount and 1,000,000 shares at > $0.20. The closing date shall be January 31 1998, or sooner by mutual > consent. > Conditions for the transaction include completion of additional financing > by Dakota and approval of the ASE. Financing will be on interim debt basis > to minimize dilution. In this regard Dakota has retained Swancorp Equities > as corporate finance consultant effective November 20 1997. > Dakota is applying for approval for a private placement to raise gross > proceeds of $750,000 by way of units at $0.25. Each unit consists of one > share and one warrant to purchase an additional share, exercisable at > $0.30. Swancorp will assist in this financing which is anticipated to be > closed early in the New Year. > The company is evaluating an additional project for application in the oil > and gas sector and anticipates pursuing it after a further brief period of > international due diligence. > (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com CHEERS JIM