CHURCHILL Greystar and Churchill to Amalgamate.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 16, 1997-- Greystar Resources L(VSE See DOS/VSE. VSE - Virtual Storage Extended :GSL GSL - Grenoble System Language. M. Berthaud, IBM, Grenoble. "GSL Language Reference Manual", M. Berthaud et al, March 1973. "A MOL-Based Software Construction System", M. Berthaud et al, in Machine Oriented Higher Level Languages, W. van der Poel, N-H 1974, pp.151-157. .) Churchill Resources (VSE:CHK CHK Check CHK CHKDSK (File Name Extension) CHK Chuuk, Caroline Islands, Micronesia (airport code) CHK Check File .) Greystar Resources Ltd. (GSL-VSE) and Churchill Resources Ltd. (CHK-VSE) announce that they have agreed to amalgamate. Churchill shareholders will receive 1.3 common shares of the amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. company for each Churchill common share held. Greystar shareholders will receive one common share of the amalgamated company for each Greystar common share held. The amalgamated company will be called "Greystar Resources Ltd." Paul Conroy and Tanya Gunther, directors of Churchill, together with the existing five directors of Greystar, will form the Board of Directors. David B. Rovig will remain as President and A.G. "Tony" Spat will remain as Vice President of Exploration of the amalgamated company. The amalgamation is subject to a number of conditions, including the continuation of Greystar into 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 the receipt of all requisite shareholder, court and regulatory approvals. If the amalgamation does not proceed as a result of certain defined events, reimbursement of expenses and, in certain circumstances, a break fee of $2,500,000 will be applicable. Greystar has agreed to engage Eagle & Partners Inc. to provide consulting services in connection with the amalgamation and, if the amalgamation becomes effective, to pay a fee of 150,000 common shares of the amalgamated company. Also, Churchill has agreed to engage Jones Gable & Co. Ltd. to provide consulting services in connection with the amalgamation and, if the amalgamation becomes effective, to pay a fee of 100,000 common shares of the amalgamated company. Greystar and Churchill each hold an undivided 50% interest in the Angostura Angostura: see Ciudad Bolívar. Project in Colombia. During 1995, 1996, and through May 15, 1997, a total of 69 core holes totalling 13,090 meters has been drilled at the Angostura gold-silver deposit. A second drill is now on site and is expected to start drilling on May 19, 1997. The amalgamated company will continue to develop the Angostura property and to evaluate other prospects in Colombia, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Europe. -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the information contained herein. CONTACT: Greystar Resources Ltd. David Rovig, 406/245-9520 Tony Spat, 604/689-1428 or Churchill Resources Ltd. Tanya Gunther, 604/683-6556 Paul Conroy, 604/687-1334 |
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