Channel Resources: Terms of Letter Agreement with Placer Dome Amended.KELOWNA, British Columbia--(BUSINESS WIRE)--Nov. 13, 1998--Channel(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CHU.) Channel Resources Ltd. ("Channel") announces that the terms of the letter agreement with Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. Africa Limited ("Placer") by which Placer may acquire an initial option to earn varying interests of between 49.2 and 60 percent in six of Channel's mineral exploration permits in Burkina Faso Burkina Faso (burkē`nə fä`sō), republic (2005 est. pop. 13,925,000), 105,869 sq mi (274,200 sq km), W Africa. It borders on Mali in the west and north, on Niger in the northeast, on Benin in the southeast, and on Togo, Ghana, and known as the Barao/Bouroum North Permits, the Somifa/Madougou Permits and the Tounte/Manaboule Permits (the "Permits") have been amended. The Letter Agreement has been amended so that the US$1,000,000 committed by Placer to an examination program has been converted into a subscription by Placer Dome Inc. for US$1,000,000 of common shares of Channel at a subscription price of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.50 per share. The private placement is subject to regulatory approval. The proceeds of the private placement will be used by Channel for working capital and to fund ongoing exploration work costs in Burkina Faso as agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy by Placer and Channel. |
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