Dunlap Resources - Approval of Major Indonesian Property Acquisition.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 25, 1996-- Dunlap Resources Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended : DLR DLR Dollar(s) DLR Dealer DLR Deutsches Zentrum für Luft- und Raumfahrt (German Aerospace Center) DLR Docklands Light Railway (London, UK) DLR Dynamic Language Runtime ) (the Company) is pleased to announce that it has received shareholder and Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). approval for its major Indonesian property acquisition (the Acquisition) previously announced in a press release dated August 20, 1996. Pursuant to an agreement effective as of September 25, 1996 between the Company and Mutiara Resources Corporation Pte. Ltd. (Mutiara), a privately owned Singapore corporation at arms length to the Company, and seven 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. holding companies which are beneficially owned by employees and business associates of Mutiara (collectively the Vendors), the Company will acquire the following interests in advanced applications to acquire mineral rights in Indonesia: (a) a 15 percent interest (with an option to acquire an additional 18 percent interest ) in an initialed sixth generation contract of work (a COW) application to the Department of Mining and Energy (DME (Distributed Management Environment) A network monitoring and control protocol defined by the Open Software Foundation (now The Open Group). DME was not widely used. DME - Distributed Management Environment ) of the Republic of Indonesia covering approximately 144,884 hectares in the Aceh region of northwestern Sumatra (the Aceh COW Application); (b) a 95 percent interest in a seventh generation COW application to the DME covering approximately 140,900 hectares in southwestern Kalimantan; (c) a 70 percent interest in an application to the DME for a Kuasa Pertambangan mining authorization covering approximately 32,960 hectares in central Java Central Java (Indonesian: Provinsi Jawa Tengah) is a province of Indonesia. The administrative capital is Semarang. It is one of the six provinces of the island of Java. Central Java is both a political entity and a cultural concept. ; and (d) a 10 percent interest in an initialed sixth generation COW application to the DME covering approximately 975,134 hectares on Flores Island Flores Island may refer to:
Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the COW Application); (collectively, the Indonesian Interests). All of the Indonesian Interests are grassroots exploration properties. The Aceh COW Application and the Flores COW Application are subject to joint ventures with subsidiaries of Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corporation, pursuant to which the Barrick subsidiaries will solely fund all joint venture expenditures through to commercial production. In consideration for the acquisition of the Indonesian Interests, the Company has agreed to issue 41,973,888 common shares of the Company to the Vendors on December 11, 1996 and to issue up to an additional 21,428,280 common shares of the Company to the Vendors on various dates between February 24, 1997 and June 6, 1998 contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the issuance of additional common shares of the Company upon the exercise of outstanding warrants. Upon the closing of the Acquisition, the Vendors will own approximately 80 percent of the outstanding common shares of the Company on a fully diluted basis and Mutiara will own approximately 34 percent of the outstanding common shares of the Company on a fully diluted basis. Mutiara is owned by the Yap family, a prominent family based in Jakarta, Indonesia, which has substantial business interests in food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. , property development, forest products, mining, shipping, trading and other investments. Upon closing of the Acquisition, Mr. Bradford J. Cooke, a current director of the Company, will resign and Mr. Timothy H. T. Yap, the Executive Director of Mutiara, Mr. Anton J. Bruinier, a director of Mutiara and a former President Director of PT Aneka Tambang (an Indonesian government controlled mining company) and Dr. Ian MacFarlane Ian Macfarlane is a name shared by several people:
The Acquisition is expected to close on Wednesday, December 11, 1996. Detailed information concerning the Acquisition and the Indonesian Interests is contained in the Company's exchange offering prospectus dated November 19, 1996, copies of which are available from the Company. Trading in the common shares of the Company was halted, at the Companys request, prior to the opening of trading on August 19, 1996. Trading will resume at the opening of trading on Tuesday, November 26, 1996. Dunlap Resources Ltd. is a Canadian- based exploration company with projects in Indonesia, Chile and Labrador. On behalf of the Board, Peter J. Guest, D. Eng. President & C.E.O. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT: Barrington Communications Group Jill Brand, 604/682-1700 1-800-663-0321 or Dunlap Resources Ltd. Rose E. Moon, 604/608-1633 |
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