Big Valley Resources Corrects Financing Update from November 1, 1999.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. 3, 1999-- Big Valley(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BV.) Big Valley Resources Inc. is pleased to announce that through the Company 580085 B.C. Ltd., the October 30, 1999 payment to Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
1. ^ Kinross Gold. Corporation has been made in the amount of $200,000.00 Cdn. with regards to the purchase agreement of the QR Gold Mine. Big Valley has the right to buy the shares of 580085 B.C. Ltd. for the nominal amount of $10.00. 580085 B.C. Ltd. has borrowed the $200,000.00 from an arms length third party and the loan is repayable on April 30, 2000. Subject to Alberta Stock Exchange approval, the principle amount of the financing is convertible to Big Valley shares at $0.25 per share and 10% per annum Per annum Yearly. interest applies. Contingent with this finance package, 580085 B.C. Ltd. has signed an agreement with the lender to supply 580085 B.C. Ltd. with a standby letter of credit Standby Letter of Credit A stipulation that states a letter of credit will be called back if the payer defaults. Notes: A letter of credit is typically used in international transactions. in the amount of $3,000,000.00 Cdn. on or before December 31, 2000. 580085 B.C. Ltd. has given the lender the exclusive right to contract equipment and labour at the QR Gold Mine at industry standard rates, subject to the confirmation of the acquisition of the QR Gold Mine. A final payment of $3,000,000.00 is due Kinross on or before April 30, 2000. 580085 B.C. Ltd. is negotiating further financing. When complete, Big Valley intends to exercise its option to acquire 580085 B.C. Ltd. whereby 580085 B.C. Ltd. would become 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. of Big Valley. This transaction was approved by the shareholders of Big Valley on the October 8, 1999 meeting and is subject to Alberta Stock Exchange approval. The Company wishes to thank the Shareholders for their support, as all the ongoing business resolutions presented by the Company, at the Oct. 8/99 meeting, were approved by the Shareholders. ON BEHALF OF THE BOARD Lloyd Tattersall tat·ter·sall also Tat·ter·sall n. 1. A pattern of dark lines forming squares on a light background. 2. Cloth woven or printed with this pattern. adj. , President The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. |
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