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 : FM Resources Corp FMR.V (was Redell Mining) -- Ignore unavailable to you. Want to Upgrade?

To: jocko who wrote (244)	6/1/1998 4:08:00 PM
From: jocko	Read Replies (1) \| Respond to of 252

WELL.....If I am talking to myself I can say anything I Like :-) PS.....Thanks for the quick response :-) FWIW: "To: Former Shareholders of Redell Mining Corp. (Now FM Resources Corp.) Re: Recent Press Releases concerning the shareholders of FM Resources If you wish to receive future ongoing news regarding the shareholder action with respect to FM resources, please reply by Fax or Email to: Roger Baird 604 929 5053 Fax 250 758-9760 Email pel_info@island.net FM Resources Corp - Concerns of dissident shareholders Tuesday May 19 1998 Mr. Roger Baird reports. This news release will serve to introduce the petitioners who are dissident shareholders and investors of the company representing 50 per cent of the outstanding shares in the company. In particular some of the petitioners participated in private placements undertaken by the company of $4.8-million in 1996 and $162,500 in May of 1997. The initial concerns of the petitioners began with the notice to consolidate the shares of the company on a 20-1 basis at a meeting on March 25, 1998. The initial concern of the petitioners went critical when on March 20, 1998, Lu Manning, a director of the company disclosed the history of an $825,000.00 transaction described as a loan payable. During the March 25, 1998 meeting it was confirmed that the $825,000.00 was a supposed debt due Glen White, the former president of the company, and that it was part of the $4.8-million in private placements undertaken by the company in 1996. It was confirmed that the $825,000.00 had been acquired by John Hislop for the sum of $10.00. At the meeting of March 25, 1998 there were a significant number of proxies in dispute. Mike Bourdeau, the chairman, made an arbitrary ruling that no proxies could be voted by people in attendance at the meeting. This resulted in the disqualification of at least 1.5 million shares. Even so, the resolution to consolidate only passed by 0.7 per cent. The petitioners commenced an action on April 15, 1998 in the Supreme Court of British Columbia No. 980972. On May 8, 1998, the petitioners were successful in obtaining an injunction ordered by the Honorable Judge Pitfield in restricting the company from dealing with the transaction of $825,000. A hearing for the petition has been set for August 24 - 28, 1998. The petitioners are seeking the following relief: 1. The resolution approving a consolidation of the company share capital on a 20 old common shares to one new common share approved at the March 25, 1998 extraordinary general meeting be declared null and void; 2. An order for the production of documents in the possession and control of the company relating to the issues before the court; 3. An order that the petitioners be granted leave to commence an action in the name of, and on behalf of, the company by issuing a writ of summons claiming against the following former and current officers and directors: Glen White, David Thomas, William Horie, Clive Forth, Lu Manning, Mike Bourdeau, Allan Hubick and Peter Bryant; and 4. An investigative auditor be appointed. The petitioners intend to elect a new board of directors at the next annual general meeting of the company on July 30, 1998. The petitioners will be soliciting the proxies of all shareholders and urges them to register their shares in their own name. The petitioners have retained Ganymede Capital to review the current properties of the company and make recommendations regarding land acquisition and financing. Expect further news in due course. FM Resources Corp - Private placement Thursday May 28 1998 FM Resources Corp FMR May 27 close $0.32 Shares issued 1,536,355 Mr. Roger Baird reports On May 26, 1998, the company arranged a private placement of 576,455 units at 25.5 cents per unit. On April 23, 1998 the petitioners (Supreme Court of B.C Action 980972) notified the company that they would participate in all private placements undertaken by the company. Accordingly on May 27, 1998 both Ganymede Capital and Roger Baird notified the company that the petitioners will purchase the private placement of 576,544 units at 25.5 cents representing 27% of the company. The petitioners are awaiting documentation from the company so that filings can be made with the VSE and the BCSC. On May 27, 1998, Ganymede Capital requested that the company provide all geological data on the LaForma and Whalesback projects. The petitioners have significant concerns regarding the involvement of Glen White in the Whalesback acquisition. The petitioners are dissident shareholders and investors of the company representing in excess of 50 per cent of the outstanding shares in the company. In particular, some of the petitioners participated in private placements undertaken by the company of $4.8-million in 1996 and $162,500 in May of 1997".