Nova Beaucage Completes Financing Equal Partner with Canuc Resources Inc. on Ecuadorian Property.TORONTO--(BUSINESS WIRE)--July 29, 1996-- (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. : NBAM NBAM National Bar Association Magazine ) Nova Beaucage Mines Limited ("Nova Beaucage" or the "Company") announces that at the Annual and Special Meeting of Shareholders of the Company held on July July: see month. 15, 1996, the shareholders approved the acquisition of all of the outstanding securities of International Development Consortium (Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ) Inc. ("IDC") by the Company. The acquisition of IDC was conditional upon IDC completing a private placement for gross proceeds of $1,050,000. The private placement was completed on July 26, 1996. On July 26, 1996, the Company completed the acquisition of all of the outstanding securities of IDC in exchange for the issuance of 208,000,000 common shares of the Company and an aggregate of 154,000,000 common share purchase warrants. A total of 140,000,000 warrants are exercisable at $0.025 per share on or before October October: see month. 26, 1996, and 14,000,000 non-assignable agent's warrants are exercisable at $0.025 per share on or before July 26, 1997. Nova Beaucage is now an equal partner with Canuc Resources Inc. of Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , on the GoldStar Mine, IDC's optioned gold producing property in the Nambija region of Ecuador. A sampling programme taken from cross cuts, drifts, 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. walls, pillars and declines in the upper levels of the mine previously untested was recently carried out. The average grade for the 123 samples taken amounts to 11.22 grams of gold per metric tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. (0.395 ounces of gold per ton). Included in this group were 22 samples of lower grade, less than 1 gram/tonne, and 34 samples of higher grade, greater than 10 grams/ton. The higher grade samples averaged 29.19 grams of gold per ton (1.03 ounces of gold per ton). A complete analysis, including fire assays, on a second group of 32 samples of lower grade and 20 samples of higher grade will be completed in the near future. This initial sampling is the first of an intensive programme designed to complete sampling of all underground mine workings, approximately 7 kilometres in length. An additional 284 samples have been sent to Bondar-Clegg's laboratory for complete analysis and results are expected by July 31, 1996. Quoting of the shares of Nova Beaucage Mines Limited on the Canadian Dealing Network will resume on Tuesday, July 30, 1996, under the symbol "NBAM". The change of name to Nova Beaucage Resources Limited and the share consolidation on a one-for-ten basis which was approved by the shareholders will be effected at a later date after the requisite documentation has been filed. Shareholders will be advised of the effective date in due course. CONTACT: Nova Beaucage Mines Limited Hubert Mockler, 416/861-1422 416/861-1478 (Fax) or Nova Beaucage Mines Limited France Crawford, 416/862-0887 416/862-2204 (Fax) |
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