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 : BRO-X MINERALS (C.BXO) -- Ignore unavailable to you. Want to Upgrade?

To: maps who wrote (283)	3/15/1999 1:12:00 PM
From: alan holman	Respond to of 363

Alan, Would you kindly post the next section on the Bresea and Bro-X threads? Thanks, Rod >>>>>>> Bresea and Bro-X Posting <<<<<<<<< The following are excerpts from a Notice of Motion and related Affidavit filed with the Alberta Court of Queen's Bench on January 18th, 1999 and, I believe, subsequently approved on January 20th, 1999. START OF EXCERPT ONE <<< "TAKE NOTICE that an application will be made on behalf of PricewaterhouseCoopers Inc.,- - - for an Order: 1. authorizing the Interim Receiver to enter into an agreement with Bro-X Minerals Ltd. involving the redemption of Bresea Resources Ltd.'s preferred shares in Bro-X Minerals Ltd. or, in the alternative, the winding up of Bro-X Minerals Ltd., such agreement to include substantially similar terms as outlined in the Letter of Intent attached to the Affidavit of Kurt P. Bonokoski; - - -" >>> END OF EXCERPT ONE - START OF EXCERPT TWO <<< "AFFIDAVIT I, KURT P. BONOKOSKI, - - - SAY AS FOLLOWS: - - - 7. Since October 1998, negotiations with Bro-X have been ongoing regarding Bresea's right to retract its preferred shares in Bro-X, and on January 18, 1999 a Letter of Intent was entered into between Bresea and Bro-X. In general terms, the agreement contemplates that Bro-X will have until April 30, 1999 to conduct a rights offering to its existing common shareholders in order to raise funds which will allow Bro-X to enter into a merger or joint venture with another company. If the Bro-X rights offering is successful, Bro-X will redeem 750,000 preferred shares held by Bresea, at $1 per share, and the remaining preferred shares held by Bresea will be converted into an equal number of common shares in Bro-X. If the rights offering does not occur or is unsuccessful, Bro-X agrees that it will not object to or impede a winding-up application undertaken by Bresea, through the Interim Receiver, through which Bresea will exercise its rights on the preferred shares. - - -" >>> END OF EXCERPTS In my opinion, if there are any Bro-X shareholders out there that wish to recoup their losses on Bro-X shares by having Bro-X become a viable company again, they should actively get involved by contacting Thomas P. Devlin the Acting Treasurer and Corporate Secretary for Bro-X Minerals Ltd. (April 30th is not very far away). Regards, Rod Steel Secretary of the Executive Committee, BSR Group of Shareholders