Pursuit Enters into a letter of intent with its Indonesian partner to expand its Indonesian exploration activities.TORONTO--(BUSINESS WIRE)--Feb. 12, 1996--INT'L PURSUIT CORP. (TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). :IPJ IPJ Internet Protocol Journal
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IPJ Interphalangeal Joint ) International Pursuit Corporation ("Pursuit") of Toronto, announced today that it has entered into a letter of intent with its Indonesian partner to develop additional property interests now owned by its Indonesian partner in Kalimantan, Sumatra, Java and other islands in Indonesia.
There will initially be at least eight different exploration projects, a number of which are highly prospective. The portfolio of interests will be allocated into two new companies based on their geographical location.
As a result of these transactions, Pursuit has expanded its exposure in Indonesia to become one of the largest property holders in Indonesia.
The first company, to be called Golden Tiger Corporation Tiger Corporation (Japanese: タイガー魔法瓶株式会社 Taigā Mahōbin Kabushiki Gaisha , will hold carried interests ranging from 5 percent to 20 percent in fifteen (15) Contracts of Work (COW's) previously acquired and recently applied for by various international mining companies in Kalimantan. The company will also hold a 100 percent interest in a 340,000 hectare hectare (hĕk`târ, –tär), abbr. ha, unit of area in the metric system, equal to 10,000 sq m, or about 2.47 acres. COW application in West Kalimantan West Kalimantan (Indonesian: Kalimantan Barat often abbreviated to Kalbar) is a province of Indonesia. It is one of four Indonesian provinces in Kalimantan, the Indonesian part of the island of Borneo. Its capital city Pontianak is located right on the Equator line. where surface artisanal workings and structural geology structural geology
Scientific discipline concerned with rock deformation on both small and large scales. Its scope ranges from submicroscopic lattice defects in crystals to fault structures and fold systems of the Earth's crust. indicate significant potential.
The second company, to be called Java Gold Corporation, will hold majority interests in a number of gold projects in Java, Sumatra and other islands. One of the key projects in this company includes a newly identified six kilometre gold bearing structure traversing a large altered volcanic centre.
To finance these projects the two new Ontario corporations to be formed will be financed by Pursuit and other investors, initially as private companies. Pursuit will retain a significant equity interest in both these companies and will have the right to earn 60 percent of any two projects by providing production financing. In addition, Pursuit has negotiated the right to increase its equity interest to 90 percent on its own Kalimantan projects, in which Pursuit's Indonesian partner has a 20 percent carried interest.
In order to accommodate these additional transactions, Pursuit has made arrangements for short term borrowings of between US$5,000,000 and $7,000,000, since it has expended ex·pend
tr.v. ex·pend·ed, ex·pend·ing, ex·pends
1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend.
2. in excess of US$18 million of its own capital on refundable deposits to secure its own portfolio of exploration properties. This borrowing will be repaid upon the return of the deposit monies, which are refundable within the next six month period.
Pursuit is a Canadian public company whose shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE)
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol "IPJ").
CONTACT: International Pursuit Corp.
Stephen R. Dattels