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VERONEX RESOURCES LTD. ENTERS INTO AN AGREEMENT WITH WESTCHESTER REINSURANCE, LIMITED

 VERONEX RESOURCES LTD. ENTERS INTO AN AGREEMENT
 WITH WESTCHESTER REINSURANCE, LIMITED
 VANCOUVER, British Columbia, July 31 /PRNewswire/ -- Veronex Resources Ltd. (AMEX: VX, VSE: VEO) (the "Company") has entered into an agreement with Westchester Reinsurance, Limited, Hamilton, Bermuda, dated July 29, 1992, to purchase a five year annuity in exchange for a convertible debenture. The debenture is convertible into 2,100,000 shares of the common stock of the Company.
 This annuity matures on July 28, 1997 and the Company will receive $2,838,027 at that time. The annuity interest rate is 7.25 percent during the contract years.
 The 2,100,000 shares of the Company to be issued upon conversion would be subject to the consolidation of one new share of the Company for seven old shares of the Company which the shareholders have been asked to approve at the annual General Meeting on Aug. 20, 1992. Consequently, this would result in the post roll back issuance of 300,000 shares in the event the debenture is converted into common shares of the Company.
 The debenture will be converted upon the Company obtaining regulatory approval and registering the shares to be issued with all appropriate regulatory agencies in the United States and Canada.
 The purpose of purchasing this annuity is to provide the Company with a financial asset that could generate sufficient cash for the operations of the Company during the next 12 months. Management believes that this annuity could be used to secure a loan to the Company of not less than one million dollars.
 -0- 7/31/92
 /CONTACT: David Wooldrige of Veronex Resources Ltd., 310-861-0383/
 (VX, VEO) CO: Veronex Resources Ltd. ST: IN: OIL SU:


LC -- CL022 -- 5809 07/31/92 17:37 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
Words:289
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