Adamas Resources Corp.-Project Update.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 15, 1996--Adamas Resources Corp.(VSE See DOS/VSE. VSE - Virtual Storage Extended : AMS AMS - Andrew Message System ) Adamas Resources Corp. (the "Company") announces that it has amended the terms of the acquisition agreements for 39 Placer Claims in the famous Cariboo Gold Mining District, as announced on December 29, 1995 and as amended on April 15, 1996. The Total Cash payments of $105,000 due on regulatory acceptance, has been deferred till June 1st, 1997. The $105,000 will be secured by way of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and will bear interest at a rate of 9 percent per annum Per annum Yearly. . The Company has also negotiated an extension to the work commitment requirements, by a period of 7 months. All of the remaining terms and conditions of the agreements remain the same. The Company further announces that it has reduced the number of units in the Private Placement, as announced on April 15, 1996, from 1,325,000 to 1,200,000 units. The Company has also amended the use of proceeds from said private placement. Upon closing, the placement will net the Company $240,000, of which $90,000 will be allocated to the Company's Ord Mountain Project, $60,000 to prospecting the Company's Rocky Cove and Jeanette Bay Properties in Eastern Labrador and $90,000 will be allocated to Administrative expenses and unallocated working capital reserve. The private placement is due to close on or before May 30, 1996 and remains subject to regulatory approval. The Company further announces that is has staked an additional 31 claims, which surround the Company's 8 Ord Mountain Patented Claims located near Barstow, in San Bernadino County, California. A crew is also on site, preparing for core drilling, as part of the Phase I work program. The Company's trading symbol Trading symbol See: Ticker symbol is AMS-V. -0- Note to Editors: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. CONTACT: Adamas Resources Corp. Richard Pearson Richard Pearson may be:
604/685-5509 (Fax) http://www.kitso.com info@kitso.com |
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