AdventurX Completes Private Placement and Share Consolidation.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 16, 1999-- AdventurX.com, Inc. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BYK BYK Bouake Cote d'Ivoire (Ivory Coast airport code) .), formerly Bikestar Inc. (Alberta Stock Exchange "BYK"), announced today that the Company has now completed its private placement and capital reorganization as announced on June 8, 1999. The gross proceeds of the private placement were $1,023,000. Shareholders of the Company approved one new common share, for five old common share consolidation, and a name change to AdventurX.com, Inc. at the July 5, 1999 annual and special meeting. The name change and consolidation were effective July 8, 1999. Subsequently, the private placement was closed for 3,100,000 post consolidation Units of AdventurX.com, Inc. at $0.33 per unit. Each Unit consisted of one common share and one-half of one non-transferable share purchase warrant. One whole share purchase warrant together with $0.50 will be exercisable until August 4, 2001 into one additional common share. A finders fee of 310,000 Units was also issued. All units issued are subject to statutory trading restriction until August 4, 2000. The Company anticipates that the Alberta Stock Exchange will post "AdventurX.com, Inc." for trading, under the symbol "AVT AVT avian arginine vasotocin. See vasotocin. ", at the commencement of trading on August 19, 1999. The Company also announced that the seven Stock Option Agreements dated June 30, 1998 representing options to purchase 183,174 common shares at $1.25 each, have been cancelled by mutual consent. The Company proposes to grant new stock options on 525,000 common shares for five years at $0.60 per share, subject to regulatory approval. Subsequent to July 8, 1999 AdventurX has determined that the name "AdventurX.com" conflicts with an internet site of a similar name that the Company does not wish to be confused with. The Company will be seeking the approval of a further name change at a Special Meeting of shareholders scheduled for September 27, 1999. AdventurX.com, Inc. was formed to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the opportunity to provide needed amenities to the hospitality industry and the travelling public. Initially through its subsidiary, Good Times Roll Bicycle Rentals Inc., AdventurX developed a bicycle rental concept for deployment on a revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. basis with hotels in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and Arizona. Through the formation of Arizona Outback Adventures LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , AdventurX's focus expanded to include guided hiking hiking Walking, often among hills or mountains, as recreational sport. It represents an activity in its own right and also figures in backpacking, camping, hunting, mountaineering, and orienteering. and biking tours, the organization and planning of multi-day adventure eco tours. Nettron Media Group Inc. was formed to create a platform to market our products and those of our sub contractors and others through the Internet world wide and to develop new and innovative profit generating methods to expand on the marketing efforts and customer base developed to date. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. |
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