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 : International Tournigan(ITG.V)announces major discovery -- Ignore unavailable to you. Want to Upgrade?

To: Danny Grant who wrote (337)	2/24/1999 12:33:00 PM
From: rdww	Read Replies (1) \| Respond to of 347

sure do - suspect that orovi is trying to get back control of the property and some $$ to move on w/ it - since ITG seems lost on what to do to improve themselves other than start promoting other stocks. International Tournigan sued by Orovi International Tournigan Corporation ITG Shares issued 16,553,331 Feb 22 close $0.08 Mon 22 Feb 99 Street Wire by Brent Mudry International Tournigan faces a significant lawsuit from a joint venture partner in Ghana. In a statement of claim filed Friday in the Supreme Court of British Columbia, Orovi Corp., based in Colorado, seeks unspecified damages. Orovi notes that it incorporated Orovi Ghana on May 9, 1995, and it beneficially owned all of the issued and outstanding shares of the new company. Orovi Ghana acquired six mineral concessions in the Republic of Ghana near the town of Tarkwa, including two concessions known as the Riyadh and Satellite concessions. Orovi Ghana is the sole recorded and beneficial owner of a 100 per cent undivided interest in the concessions. The suit claims that just after Orovi Ghana was formed, International Tournigan agreed to purchase 50 per cent of its shares from Orovi Corp. The share purchase agreement called for International Tournigan to pay $3-million (U.S.), with $1.2-million (U.S.) due on Aug. 1, 1995, and the balance of $1.8-million (U.S.) due by Aug. 1, 1997. International Tournigan agreed that if it missed the final payment, it would satisfy the balance owing by issuing shares at the then-current market price. Orovi Corp. agreed to finance Orovi Ghana for the operation and completion of at least 50,000 feet of exploration drilling on the Ghanian concessions. The suit notes that Orovi Corp. also agreed to supply Orovi Ghanaa with three diamond drills and two four-wheel-drive trucks at no cost. By July 24, 1996, International Tournigan had paid Orovi Corp. a total of $2.24-million (U.S.) and it incurred expenditures of $400,000 (U.S.) towards the purchase of capital assets. In a revised agreement, on July 24, 1996, International Tournigan agreed to pay the balance owing by assuming Orovi Corp.'s obligation to operate and complete the drilling program at an estimated cost of $525,000 (U.S.), and by making sure all required capital assets were paid for and fully equipped in working order. Lawyer Tom Manson notes the two parties agreed the capital assets would be beneficially owned by Maple Leaf Drilling, a wholly-owned subsidiary of International Tournigan. The suit claims that International Tournigan failed to complete the financing of the exploration drilling and the capital assets by the deadline of Dec. 31, 1998. Orovi Corp. claims that International Tournigan has breached the revised agreement. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com