Chivor Emerald Corporation Begins Trading on the CDN System.TORONTO--(BUSINESS WIRE)--June 10, 1996--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. (Chivor Emerald) is pleased to announce that it has completed a plan of arrangement involving Orinoquia Trading A.V.V., Watervalley A.V.V. and New Bidlamaque Enterprises Inc. and its subsequent continuance The adjournment or postponement of an action pending in a court to a later date of the same or another session of the court, granted by a court in response to a motion made by a party to a lawsuit. as Chivor Emerald Corporation Ltd., incorporated in the British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. . Shareholders of Orinoquia and Watervalley received one share of Chivor Emerald for each respective share, shareholders of New Bidlamaque received one share of Chivor Emerald for four shares of New Bidlamaque. Trading on the Canadian Dealing Network will begin today in U.S. dollars under the symbol CHIV.U. Chivor Emerald currently owns an 80 percent interest in the operating Oriente emerald mine in the historic Chivor emerald district of Colombia and the Jagua 1 and 2 exploitation licenses adjacent to the mine. In addition, Chivor Emerald holds options to acquire a 90 percent interest in 19 separate exploration licenses covering approximately 80 percent of the emerald belt. The company expects to exercise three of these options shortly. The Chivor district, situated 90 kilometres east of Bogota, Colombia is one of the richest emerald producing districts in the world, historically accounting for approximately 20 percent of Colombia's total emerald production. In 1995 Colombia reported emerald exports valued at US$456 million. Chivor Emerald is currently transforming the present small scale mining operation at the Oriente mine into a modern, safe, efficient and profitable emerald mine. This transformation includes diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral to locate emerald-bearing veins and to complete stope stope n. An excavation in the form of steps made by the mining of ore from steeply inclined or vertical veins. tr.v. stoped, stop·ing, stopes To remove (ore) from or mine by means of a stope. layout design as well as the introduction of mechanized mech·a·nize tr.v. mech·a·nized, mech·a·niz·ing, mech·a·niz·es 1. To equip with machinery: mechanize a factory. 2. mining methods in order to expand operations significantly. The company is well funded through 1996 having raised US$14.2 million through two private placements. Part of these funds have been used to purchase new mining equipment including a scoop tram and jumbo drill as well as to repay debt. The balance is available for working capital and to finance exploration of its extensive property holdings. Chivor Emerald has 27.0 million shares issued and outstanding, of which 9.5 million are free trading. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, there will be 42.3 million shares outstanding. Chivor Emerald Corporation Ltd. is the only publicly traded emerald mining company available to investors anywhere. CONTACT: Chivor Emerald Corporation Ltd. Patrick J. Mars, 416/955-4494 416/955-1206 (Fax) or Chivor Emerald Corporation Ltd. Steven A. Dawson, 416/955-4494 416/955-1206 (Fax) |
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