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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 (422)	1/22/1998 10:36:00 AM
From: Glen Gordon	Read Replies (1) \| Respond to of 587

Dakota Resources Limited - Seismic acquisition closed Dakota Resources Limited DAK Shares issued 16179587 1998-01-21 close $0.19 Thursday Jan 22 1998 Mr Richard LeBlanc reports Further to its last press release in Stockwatch on November 21 1997, Dakota Resources has advanced to a formal purchase agreement to acquire 100% of Fastway Exploration, a 12 year old seismic company based in Calgary. As previously disclosed, this acquisition will immediately provide Dakota with definitive cash flows, assets and profitability. Fastway's revenue and income for the first four months of this fiscal year is ahead of last year's performance by a considerable margin, and ahead of expectations. It should be noted that the acquisition is based on a share purchase, meaning that all of this performance is credited to Dakota upon closing. Consideration for the transaction has been changed to a purchase price of $800,000 cash rather than for the cash and shares as previously reported. The closing date remains unchanged at January 30 1998. Dakota is in advanced discussions with a major Canadian bank regarding capital debt for the partial financing of this transaction. This reflects the strength of the deal and assists the future growth of the company increasing the amount of available working capital and establishing a long term banking relationship. Dakota has also changed the private placement to $1,000,000 by way of units at $0.25 per share. Each unit will entitle the purchaser to one common share and one warrant exerciseable at $0.40 and expiring June 30 1998. This is a change from the $0.30 warrant expiring 18 months from subscription as previously reported. Management feels that a shorter expiry enhances the salability of the issue to private and institutional investors. Additionally, the company has identified additional takeover targets that justify the increase in the size of the private placement. Dakota has entered into a letter of intent, as of January 20 1998, to acquire 100% of the issued and outstanding shares of 742308 Alberta Limited (operating as GL Fabrications). The company is an oilfield fabrication company specializing in atmospheric tanks, pressure vessels and related oilfield equipment. The company has been in operation for six months and has a order book exceeding $500,000, assets of $300,000 and is expected to have sales for this fiscal year exceeding $6,000,000. Consideration for the transaction is for 1,000,000 shares released at one third intervals over three years on an earn out basis at a ratio of one share released for every $1.00 in earnings before interest, taxes, depreciation and amortization. Dakota is undergoing an additional period of due diligence and if satisfied expects to close the acquisition on March 1 1998. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)