American Pacific Minerals stock to trade on OTC Bulletin Board.GREENBRAE, Calif.--(BUSINESS WIRE)--Dec. 15, 1995--American Pacific Minerals Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APMLF) Friday stated that NASDAQ has commenced formal delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. procedures as originally announced on Oct. 27, 1995. The company has been unable to prevent the delisting, however the company's stock will continue trading on the Over The Counter Bulletin Board. The company is proceeding with an internal corporate reorganization to transfer its directly held 50 percent interest in the Goldfield Goldfield, small town, SW Nev., a former gold-mining center. Gold was discovered there in 1902, and after an early period of disappointment, large yields of high quality gold were extracted. joint venture to a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . The reorganization should be completed prior to the end of the year 1995. American Pacific Mineral's majority shareholder and largest creditor, American Resource Corporation Inc. (ARC), has consented to the reorganization and agreed to continue to finance the company's operating subsidiary's working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . ARC will secure this indebtedness with the assets of American Pacific Minerals and its subsidiaries. The indebtedness of the company or its subsidiaries to ARC will become due one year after the completion of the corporate reorganization. CONTACT: American Resource Corporation Inc., Greenbrae Stephen N. Anderson, 415/461-6868 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion