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Gold/Mining/Energy : St. Genevieve Resources (SGV.T & SGV.M) -- Ignore unavailable to you. Want to Upgrade?

To: philip trigiani who wrote (137)	2/16/1999 6:38:00 PM
From: philip trigiani	Read Replies (1) \| Respond to of 140

Attention Business/Financial Editors: Debt Settlement With Genoil Inc. ST. GENEVIEVE RESOURCES LTD. CDN : SGVE MONTREAL, Feb. 16 /CNW/ - St. Geneviève Resources Ltd. (''SGV'') SGV is pleased to announce the settlement of 5.9MM$ of debt owing to Genoil Inc., an arm's length party, which was due April 1, 1999 in the following manner: 1. The issue of a 1.4MM$ debenture convertible into shares of SGV at a price $0.20. The debenture will be convertible at the option of SGV and will convert automatically on December 31, 1999. The debenture will pay interest at the rate of 8% per annum, payable either in cash or in shares of SGV at the option of SGV. 2. The issue of a 3.2MM$ debenture exchangeable into shares of KWG Resources Inc. (''KWG'') at a price $0.40. The debenture will be exchangeable at the option of SGV, and will be exchanged automatically on December 31, 1999. The debenture will pay interest at the rate of 8% per annum, payable either in cash or in shares of KWG at the option of SGV. 3. A private placement of shares of SGV in the amount of $450,000, at a price of $0.10 per share. 4. SGV has sold to a third party 5,280,000 shares of Genoil Inc. for proceeds of $528,000, which proceeds have been applied to the debt settlement. 5. A balance of $450,000 is payable from the proceeds of SGV's Rights Offering on the basis of $0.50 out of every $1.00 raised in excess of $992,317. Any amount unpaid will be owed to Genoil Inc. at the latest on December 31, 1999. This amount will bear interest at the rate of 8% per annum. The above debt settlement is subject to SGV obtaining the necessary regulatory approvals, including the approval of the Quebec and Ontario Securities Commissions for the final settlement of its reorganization plan, by no later than March 1st, 1999. SGV is a mining exploration company currently trading (without quotation) on the Canadian Dealing Network Inc. (CDN) under the symbol SGVE. SGV has 232,735,769 issued and outstanding common shares (including shares to be distributed to creditors). NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE -0- 02/16/1999 For further information: Denis Villeneuve, (514) 866-6001 -------------------------------------------------------------------------- Release sent courtesy of Canada NewsWire Portfolio Email. To update your email portfolio, point your web browser here: portfolio.newswire.ca Please address any questions about your portfolio to cnw@newswire.ca E-Pix Now you can call the shots with E-Pix, Canada's first - and the only - corporate newswire database of client-controlled pictures and images. Developed in conjunction with, and managed by The Canadian Press, E-Pix offers free photos and images to all CP member newspapers. E-PIX combines state-of-the-art, electronic picture desk access with Internet -based software to allow the news media to download high-resolution images quickly and easily. Contact your local CNW Office to promote your company image. --------------------------------------------------------------------------