Cathedral Reports Debt Settlement.Business Editors 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. , B.C.--(BUSINESS WIRE)--April 10, 2000 Cathedral Gold Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAT.) is pleased to report that it has exercised its debt settlement rights under an agreement entered into with Imperial Metals Corporation (IPM-T) in April, 1999. The final debt settlement arrangements, which were approved by an independent committee of the Board of Directors of Cathedral, provide that all debt owed by Cathedral to Imperial, totaling US $1,283,881, will be repaid by Cathedral issuing to Imperial 1,400,000 common shares and by Cathedral assigning 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. Imperial all of its interests in the Sterling Mine, Porcher Island Porcher Island is an island in the Hecate Strait, British Columbia, Canada. It has an area of 522 km². Coordinates: Geography With an area of 200 square miles, Porcher Island , and Addington Addington may refer to: Places Addington as a place name is Anglo Saxon in origin, and means 'Eadda's estate'. In Australia:
Imperial has agreed to provide near term financial support to Cathedral until at least June 30, 2000 and will use its best efforts to assist Cathedral in launching new business ventures. The settlement eliminates all of Cathedral's debt except for normal course trade payables Payables Related: Accounts payable and gives Cathedral a fresh start with a substantial mineral property portfolio consisting of the Kaburi Eldorado, Takla Rainbow, Bronson, Pelican, Cunningham Creek and Edwards properties. Imperial's equity stake in Cathedral increases to 6,857,335 common shares, representing approximately 45% of Cathedral's 15,219,463 issued and outstanding common shares. The settlement remains subject to such regulatory and shareholder approvals as may be required. |
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