Aurex Resources and Bug River Trading Corp. -- Joint Release.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Nov. 26, 1996-- Aurex Resources Corp (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). AXR AXR Absolute Executive Recruitment (Sydney, NSW, Australia) AXR Abdominal X-Ray .) Bug River Bug River or Western Bug River River, eastern Europe. Rising in western Ukraine, it flows north along the Poland-Ukraine and Poland-Belarus borders to Brest, and turns west into Poland to the Vistula River north of Warsaw, running a total of 516 mi (830 km). Trading Co With reference to the press release of September September: see month. 27, 1996, Aurex Resources Corp. (the "Company") is pleased to announce that Bug River Trading Corp. ("Bug River"), a company controlled by Mark D. Kucher, a director and senior officer of the Company, has completed the purchase of 1,999,267 Units of the Company, each Unit consisting of one common share and one non-transferable share purchase warrant at a price of $0.40 per unit. Each warrant entitles the holder to purchase an additional common share of the Company at a price of $0.45 per share for a period of one year from November 26, 1996. As a result of the private placement, Bug River is the beneficial holder of approximately 7.75 percent of the issued and outstanding shares of the Company and, upon the exercise of the warrants, will be the beneficial holder of approximately 14.26 percent assuming that no other shares of the Company are issued in the interim. In addition, the following persons or companies, all act jointly or in concert with Bug River with respect to their holdings of common shares in the Company: Mark D. Kucher as to 385,100 common shares; British Swiss Investment Corporation (a company controlled by Mr. Kucher) as to 737,220 shares; and Julie Kucher (Mr. Kucher's wife) as to 51,190 shares. Also, Aurizon Mines Corp. holds 400,000 common shares (and 666,666 share purchase warrants) in the Company which are the subject of a Voting Trust Agreement Voting Trust Agreement A contractual agreement detailing the specifics of the voting trust, including the name of its trustee, the effective timeframe, and the nature of its formation. with Mr. Kucher. Further, on May 22, 1996, Mr. Kucher was granted options to purchase 550,000 common shares in the capital of the Company, which grant remains subject to the approval of The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . Accordingly, the beneficial ownership of, and the control and direction over, any of the securities of the Company, by Bug River and all persons acting jointly or in concert with Bug River, immediately after the close of the private placement, will be 3,612,277 or approximately 13.73 percent of the common shares of the Company. If, subsequent to the private placement, Mr. Kucher were to exercise the warrants granted therein as well as his options, and assuming that no other shares of the Company are issued in the interim, Mr. Kucher would hold 6,161,544 or 21.34 percent of the common shares of the Company, and thereby be deemed to be a controlling shareholder of the Company under the applicable Securities Acts. Neither Bug River nor any persons acting jointly or in concert with Bug River have any intention to increase the beneficial ownership of, or control or direction over any of the securities of the Company, except that the Company may seek to issue Mr. Kucher common shares in the Company in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. cash on account of Mr. Kucher's salary as a senior officer and director of the Company. The purpose of this private placement was to assist the Company in raising the necessary funds to repay a series of promissory notes 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. issued or assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. on May 22, 1996 in the total approximate amount of $970,000 to certain Calgary lenders including Mr. James Grenon. On behalf of the board of BUG RIVER TRADING CORP. Mark D. Kucher, Director On behalf of the board of AUREX RESOURCES CORP. Terry O'Kane, Director CONTACT: Aurex Resources Corp. Mark D. Kucher, 604/688-9337 or Bug River Trading Corp. Mark D. Kucher, 604/688-9337 |
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