BARNWELL INVESTMENTS LTD. ANNOUNCES AGREEMENT WITH NORTHGATE EXPLORATION LTD.
BARNWELL INVESTMENTS LTD. ANNOUNCES AGREEMENT WITH NORTHGATE EXPLORATION LTD. VANCOUVER, British Columbia, Sept. 8 /PRNewswire/ -- Barnwell Investments Ltd. ("Barnwell") a private company incorporated in the British Virgin Islands, acting on its own behalf, has entered into a letter agreement with Northgate Exploration Ltd. to acquire by way of private transaction: (a) 5,430,458 class A common shares of MSV; and (b) 177,559 class A common shares of MSV held in escrow in consideration of the sum of $1,400,000 or $0.249 per share. Barnwell understands the 5,608,017 shares represent 32.8 percent of the issued share capital of MSV. At the date of the letter agreement Barnwell did not hold any shares in MSV. Barnwell is acquiring the MSV shares for investment purposes and may at some time in the future either increase or decrease its interest in MSV. Barnwell does not envisage any change in the business affairs of MSV as a result of this transaction. MSV will continue to work towards bringing the Eastmain project project into production and to assist Nova-Cogesco Resources Inc., MSV's largest investment, in finding suitable investments in which to deploy its cash resources and maximize shareholder value. Barnwell does not have any plans whereby MSV would increase its interest in Nova- Cogesco. The completion of the transaction is subject to the majority of Barnwell's nominess being appointed to the board of MSV. Barnwell's nominees for election are: Peter Robinson Lawrence D. Barr Flat 2 Suite 716 78 Dartmouth Park Hill 850 West Hastings Street London N19 5HU Vancouver, B.C. V6C 1E1 Allan Ferguson William H. McConnachie Crouch Farmhouse 1125 Davie Street Barlavington, Petworth Vancouver, B.C. West Sussex, England V6E 1N2 GU28 OLQ Peter Robinson is the sole director of Barnwell Investment Ltd. The transaction is subject to approval of the Montreal Exchange. -0- 9/8/92 /CONTACT: S. David Anfield of Barnwell Investments, 604-669-1322/ CO: Barnwell Investments Ltd. ST: British Columbia IN: MNG SU:
EH-LS -- LA028 -- 7083 09/08/92 14:41 EDT
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|Date:||Sep 8, 1992|
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