Chivor Announces Shareholder Ratification Of Proposed Sale Of Its Emerald Mining Interests To Azco.TORONTO--(BUSINESS WIRE)--June 24, 1998--Chivor Emerald Corp. (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :CHIV.U) Chivor Chivor is a town and municipality in the Colombian Department of Boyacá, part of the the subregion of the Eastern Boyacá Province. • • Emerald Corporation Ltd. announces that its shareholders ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. the proposed sale of its Colombian emerald mining interests to AZCO AZCO A-Z Computer Liquidators (Anaheim Hills, CA) Mining Inc. at the company's recent Annual Meeting held in Toronto on June 18, 1998. Details of this transaction were previously announced on May 14, 1998. Completion is subject to a due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review by AZCO which is scheduled for completion by July 15, 1998. If AZCO elects to proceed with the purchase this will be done by the issuance of AZCO shares to Chivor which in turn will distribute these to its shareholders pro-rata Pro-rata Used to describe a proportionate allocation. Notes: For example, a pro-rata dividend means that every shareholder gets an equal proportion for each share they own. See also: Dividend as a dividend. On the basis of the terms originally negotiated, each shareholder could expect to receive 1 share of AZCO for approximately every 22 shares of Chivor. The final distribution will be subject to any required closing adjustments. As reported previously, AZCO has the right to purchase approximately 40 percent of the shares of Chivor from certain major shareholders for a nominal consideration of US$0.0001 per share. Other shareholders will continue to own their shares in Chivor which, if AZCO acquires the 40 percent interest, will be a shell company effectively controlled by AZCO. Chivor's issued and outstanding capital as of June 24, 1998 is 27,176,247 common shares. For further information please contact Patrick J. Mars at the above number.
CONTACT: Chivor Emerald Corporation Ltd.
Patrick J. Mars, 416/955-4494, 416/955-1206 (FAX)
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