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Gold/Mining/Energy : Crystallex (KRY) -- Ignore unavailable to you. Want to Upgrade?

To: shortee who wrote (9909)	4/17/1999 3:41:00 PM
From: Jim Gove	Read Replies (1) \| Respond to of 10836

I lost a lot here. Check out ININ. EVOG

To: shortee who wrote (9909)	5/10/1999 5:14:00 PM
From: tanoose	Read Replies (2) \| Respond to of 10836

NEWSRELEASE?? Crystallex renegotiates Inversora Mael acquisition; $6-million (U.S.) financing Crystallex International Corporation KRY Shares issued 36,433,966 May 7 close $1.00 Mon 10 May 99 News Release Mr. A. Richard Marshall reports The outstanding balance of the purchase price for the company's acquisition of Inversora Mael, through which it acquired title rights to the Cristinas 4 and 6 concessions, has been renegotiated. The company will use some of the proceeds from a new $6-million (U.S.) equity line of credit in the restructured deal. As previously reported, the company acquired the shares of Inversora Mael in March 1997 when Ventures (Barbados) Ltd., a private company held by two Crystallex directors, purchased the shares of Stay Management Ltd. from Red Glove A.V.V. The shares of Inversora Mael are the sole asset of Stay. Effective April 30, 1999, Ventures and Red Glove agreed to reduce the remaining portion of the purchase price from $23.5-million (U.S.) to $10-million (U.S.) plus five million warrants to purchase common shares of Crystallex at $2.00 (U.S.) per share. The $10-million (U.S.) is payable over time in cash or shares of the company. Also, Crystallex has entered into a $6-million (U.S.) equity line of credit financing and has completed an initial draw down of approximately $2-million (U.S.). The draw down involves a private placement of convertible notes and share purchase warrants. The 7 per cent notes are convertible into shares at a discount to the market price at the time of conversion. The warrants have an exercise price equal to 140 per cent of the market price of the company's common shares at the time the warrants are issued. A portion of the initial draw down is being used for certain payments related to the renegotiated Inversora Mael agreement. Marc J. Oppenheimer, president and chief executive officer of Crystallex, commented that these are very positive developments for the company. "The new equity line of credit gives Crystallex more flexibility in continuing its growth strategy of internal development and acquiring producing or near production properties. The renegotiated agreement in regard to Inversora Mael is an initial step in the process of managing the costs involved in asserting our claim to title rights to the Cristinas 4 and 6 concessions," Mr. Oppenheimer said. WARNING: The company relies on litigation proteciton for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com With regards,Frank