Alterra Resources Inc. enters into two agreements to acquire mining properties in Indonesia.BRIDGEWATER, Nova Scotia--(BUSINESS WIRE)--Sept. 17, 1996-- Alterra Resources Inc. announces that it has entered into two agreements for the acquisition of mining properties in Indonesia. The closing of the transaction is conditional upon due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Alterra and regulatory approval. It is also expected that the transaction will be submitted to Alterra's shareholders for approval. Upon closing of the transaction Alterra will acquire: (i) 50 percent of the shares of a private company, which indirectly holds four contracts of work, two of which are in areas of Sumatra and two of which are in areas of Kalimantan, for which Alterra will pay US $750,000 and issue four million common shares; and (ii) a 25 percent working interest in gold mining concessions for an area of approximately 45,000 hectares in the Jampang area of West Java West Java (Indonesian: :Jawa Barat) is a province of Indonesia, located on the island of Java. The capital is Bandung. History for which Alterra will pay US $390,625 and issue one million common shares. Alterra will be required to provide US $4 million over the next two years for exploration of the Sumatra and Kalimantan properties and US $1.56 million over the next two years for exploration of the Jampang property in West Java. Of the five million shares to be issued by Alterra, one million will be issued at the closing of the transaction. The balance of the shares will be issued at various stages of the exploration programs. The vendors have agreed not to exercise the voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. attached to the shares, except for the right to vote for one nominee to the Board of Directors of Alterra. Alterra also announces that it has entered into a letter of intent with Brawley Cathers Limited of Toronto, pursuant to which Brawley Cathers will act as the agent, on a best efforts basis, for the sale of units on a private placement basis in the minimum amount of $3 million. Each unit will consist of one Alterra common share and a warrant entitling the holder thereof to purchase one additional common share. The pricing of the private placement will be determined by Alterra and Brawley Cathers. The common shares of Alterra Resources are quoted on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. (trading symbol Trading symbol See: Ticker symbol ("ALRI ALRI Acute Lower Respiratory Infection "). There are currently 4,394,059 common shares issued and outstanding. CONTACT: Alterra Resources Inc. Charles Cook Charles Cook, a relatively common name, encompasses a number of individuals, arranged in chronological order, by year of birth:
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