Continental Resources Ltd. Completes its Reorganization.MONTREAL -- Continental Resources Ltd. announces a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. following the annual and special meeting of the shareholders held on July 16, 2004. This plan includes the following elements:
- The election of a new board of directors;
- The payment of the debts of the Company in shares;
- The restructuring of the capital-stock on the basis of 3 shares
for 1 new share;
- The Company's name change to "C2C Inc.";
- The realization of a private placement of $777,500; and
- The acquisition of properties.
New Board of Directors The shareholders proceeded to the election of a new board of directors, which consists now of Luc Paquet (Chairman), Alain Paquet Alain Paquet (born April 17, 1961 in Quebec City, Quebec) is a Quebec politician, teacher and economist. He is the current Member of National Assembly of Quebec for the riding of Laval-des-Rapides. He represents the Quebec Liberal Party. , Marc-Andre Larouche, Alain-Jean Beauregard, Anne Slivitzky and Gilles Trudel. This new team has a great expertise in the mining area and will be able to take up the challenge to reactivate re·ac·ti·vate v. 1. To make active again. 2. To restore the ability to function or the effectiveness of. re·ac the Company. Luc Paquet is president of Fordia Ltee since 1987. Fordia has recently received the grand prize of quality of Quebec in 2003, which was officially remitted by the Quebec government and the Quebec Council of quality. Alain Paquet is vice-president, sales of Fordia Ltee since 1986. He has contributed to the international development of Fordia, which exports more than 70% of its production throughout the world. Marc-Andre Larouche, M.B.A., is vice-president of Orbit Drilling Inc since 2000. Before that, Mr. Larouche occupied various management positions at the National Bank and CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Bank, in Abitibi. Alain-Jean Beauregard is president of Geologica Groupe-Conseil Inc, a service Company of the mining industry at the local and international levels since 1985. He is member of the "Ordre des Geologues du Quebec" (OGQ), member of the "Association de l'Exploration Miniere du Quebec" (AEMQ), has been a director of the AEMQ (formerly APQ APQ Accordo di Programma Quadro APQ Association des Paraplégiques du Québec APQ Association des Pathologistes du Québec APQ Art Pepper Quartet (jazz group) APQ Armaments Planning Questionnaire APQ Advanced Placement Question ) and a member of the Prospectors and Developers Association of Canada (PDAC PDAC Prospectors and Developers Association of Canada PDAC Poly (Diallyldimethylammonium Chloride) PDAC Power Dynamics Awareness Committee (Pomona College) PDAC Plan, Do, Act, Check ). Prior to 1985, Mr. Beauregard worked for various companies such as SEREM and 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. . Anne Slivitzky occupies the post of president and chief of the direction of Maude Lake Exploration Limited since 1998. Previously, Mrs. Slivitzky has worked within various mining exploration companies. She is a member of the Board of AEMQ and the PDAC. She is a member of the Advisory Committee of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. for its Montreal office. She is also a member of the "OGQ. Gilles Trudel, Ing., is general manager of "Forage Nord-Ouest Inc." since 1985, a Company specialized in drilling and blasting Before the advent of tunnel boring machines, drilling and blasting was the only economical way of excavating long tunnels through hard rock, where digging is not possible. Even today, the method is still used in the construction of particularly long tunnels, where a TBM is for the mining exploitation. Payment of Debts in Shares The Company agreed with its creditors to pay debts totalling $381,477.25 by the issuance of 2,543,182 common shares (before consolidation of its capital-stock), at $0.15 per share. Consolidation of the Capital-Stock The capital-stock of the Company was consolidated on the basis of three shares for one new share. Following the consolidation, a total of 7,017,686 common shares are issued and outstanding. Name Change The Company changed its name to "C2C (Client to Client) An earlier term for peer-to-peer (P2P), in which one user communicates with another user without going through a server in between. See peer-to-peer. Inc.". Private Placement The Company completed a private placement with a group of investors some of which are part of the new management, for an amount of $777,500. A total of 5,183,333 common shares of the Company (after consolidation) at a price of $0.15 per share were issued. A warrant accompanies each common share. Each warrant allows its holder to subscribe one additional common share at a price of $0.25 for a period of 18 months. Acquisition of Properties Fourniere On March 31, 2004, the Company entered into an agreement with 170364 Canada Inc. ("170364") for the acquisition of the Fourniere property, located in Abitibi. In return of the acquisition of the property, the Company issued 500,000 common shares of its capital-stock to 170364 (after consolidation). The Company will also pay a 2% Net Smelter Return Royalty. 170364 is a private Company controlled by Alain-Jean Beauregard, vice-president of the Company. The Fourniere property is located approximately 5 kilometres south of the town of Malartic. It consists of 42 mining claims covering an area of approximately 1,496 hectares, in Fourniere Township. A drilling campaign carried out by South-Malartic Exploration Inc. in 1997 returned an intersection of 66.93 meters of 0.4% copper in hole F-97-02. The technical evaluation report recommends to carry out 10 diamond drill holes including six holes on the cupriferous cu·prif·er·ous adj. Containing copper. zone in order to define and check the continuity of the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. at depth and on the lateral extensions. The four remaining holes will make it possible to test geophysical targets (VLF (Very Low Frequency) See low radiation. and MAG) corresponding to geochemical and/or geological structures. This program is budgeted at $248,000. Bruell In early 2004, the Company entered into an agreement with South-Malartic Exploration Inc. to acquire a 65% undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the Bruell property located in Vauquelin Township in Abitibi. To acquire this option, the Company paid a sum of $20,000 and issued 50,000 common shares (after consolidation). To acquire a 65% interest, the Company will pay an additional sum of $80,000, issue 250,000 additional common shares and carry out work for an amount of $600,000 over a period of 3 years. The Bruell property comprises 24 mining claims and is located approximately 35 km east of Val-d'Or, in Vauquelin Township. Former work recognized two gold bearing zones with resources evaluated by Potter Gold Mines Ltd. in 1963 at 220,000 metric tons grading 3.77 g/t Au. The Company will carry out exploration work valued at $100,000, in order to recognize and verify these inferred resources. Escrowed Shares Escrowed Shares Shares held in an escrow account and in most cases cannot be traded or transfered until certain circumstances like time horizon have been reached. The use of escrow for holding shares is often done during acquisitions and for performance-based executive incentives. The directors and officers of the Company hold, directly or indirectly, as a group, 3,666,667 common shares of the Company, representing 29% of the total number of common shares issued and outstanding. These shares are escrowed for periods varying from 36 to 72 months, in accordance with the rules of the TSX Venture Exchange. Re-Listing The reorganization allowed the re-listing of the Company's shares on the TSX Venture Exchange. The shares will be traded again on the TSX Venture Exchange on July 26, 2004, under the symbol "CCN CCN Cloud Condensation Nuclei CCN Church Communication Network CCN Conseil Canadien des Normes (Standards Council of Canada) CCN Critical Care Nurse CCN Certified Clinical Nutritionist CCN Community Care Network CCN Cyclin ". The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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