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Gold/Mining/Energy : Madison Enterprise, MNP/VSE -- Ignore unavailable to you. Want to Upgrade?

To: m jensen who wrote (207)	10/4/1999 12:19:00 AM
From: Dan P	Read Replies (1) \| Respond to of 285

News release! Madison to acquire Carpenter's part of the joint venture, to increase Madison's share to 90 % at the cost of 10 million shares. Dan P Canada Stockwatch Shortcuts Menu Symbols Bulletins Company Participant Insiders AccountStatus NewWindow Madison Enterprises Corp - Madison signs formal agreement to increase Mt. Kare interest Madison Enterprises Corp MNP Shares issued 22,962,569 1999-09-29 close $1.07 Thursday Sep 30 1999 Mr. J.G. Stewart reports Madison Enterprises has, together with its joint venture partner Carpenter Pacific Resources NL, signed all formal documentation respecting Madison's acquisition from Carpenter of Carpenter's 25-per-cent indirect interest in the Mt. Kare joint venture. This acquisition will result in Madison owning an effective 90-per-cent interest in the Mt. Kare property. The remaining 10-per-cent interest will be held in trust by Madison for the Mt. Kare landowners. The purchase price for Carpenter's 25-per-cent interest will be satisfied by the issuance of 10 million shares of Madison and 3.175 million three-year share purchase options exercisable at $1.00 for two years and at $1.50 in the third year. Madison has convened a general meeting of its shareholders for Oct. 15 to approve the acquisition. Carpenter has called a meeting of its shareholders for Nov. 11 to do the same. Madison and Carpenter believe that the consolidation of ownership of Mt. Kare will enhance the overall value of the project and facilitate financing to enable Madison to vigorously pursue its continuing exploration of Mt. Kare. The recent dramatic upswing in gold prices will only serve to further enhance the value of the project. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com