Printer Friendly

INTERNATIONAL TESSA CAPITAL CORP. ENTERS SHARE PURCHASE AGREEMENT

 VANCOUVER, British Columbia, April 2 /PRNewswire/ -- International Tessa Capital Corp. (Vancouver: ITO.) announced that it has entered into a share purchase agreement, subject to regulatory approval, with the shareholders of Jordan Venture Corp. ("Jordan"), a private British Columbia company, whereby the company will acquire all of the issued and outstanding equity and voting shares of Jordan. The main asset of Jordan is its 100 percent ownership of Apex Alpine Recreations (1988) Ltd. which owns and operates Apex Alpine Resort, located near Penticton, B.C. The acquisition price for the shares is $4,125,000 payable in installments.
 The company also announces that it has agreed to issue 1.5 million units of the company, 1,000,000 to William A. Trimble, the president of the company, and the remaining 500,000 to three other investors, in order to fund the payment of the first installment of the purchase price for the shares of Jordan. Each unit will be issued at a price of $1.00, and will consist of one common share of the company and one share purchase warrant, exercisable at a price of $1.00 prior to the first anniversary of issuance and $1.15 for the one year period thereafter.
 The company also intends, subject to regulatory approval, to issue up to 281,250 additional performance shares to William A. Trimble. The performance shares will be subjected to an escrow agreement entered into in accordance with the policies of the Vancouver Stock Exchange.
 The share purchase agreement provides that the acquisition of the Jordan shares is subject to the approval of the shareholders of the company. The shareholders will also be requested to approve the private placement of units to Mr. Trimble. It is expected that an extraordinary general meeting of shareholders will be held in May of 1993 to obtain such approval by way of a special resolution.
 The company made the announcements at a press conference at The Coast Lakeside Resort in Penticton, British Columbia, on April 1, 1993, to describe the acquisition and the future plans for Apex Alpine Ski Resort.
 -0- 4/2/93
 /CONTACT: John Kapusty of Apex Alpine Resort, 604-292-8222; or Fraser Martin at the W.A.T. Group of Public Companies Ltd., 604-687-3376, or toll free, 800-665-3390/
 (ITO.)


CO: International Tessa Capital Corp. ST: British Columbia IN: SU:

MS-JB -- LA014 -- 2508 04/02/93 12:19 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 2, 1993
Words:397
Previous Article:POTENTIAL SUBCONTRACTING OPPORTUNITIES: GSA/IRS DETROIT COMPUTING CENTER PROJECT
Next Article:PIONEER BANCORP REPORTS 1992 OPERATING RESULTS
Topics:


Related Articles
MT. GRANT MINES LTD. AND CARSON GOLD CORP. ANNOUNCE FORMATION OF VENEZUELAN JOINT VENTURE
AABBAX ENTERS INTO AGREEMENT TO ACQUIRE DIAMOND AND GOLD CONCESSIONS
SKYLINE GOLD ANNOUNCES 1993 EXPLORATION FINANCING ARRANGED
SKYLINE GOLD CORP. OFFERS TO ACQUIRE COMPANY
INTERNATIONAL SKYLINE GOLD CORP. ANNOUNCES FINANCING AGREEMENT
INTERNATIONAL TESSA CAPITAL CORP. CHANGES NAME TO APEX RESORTS CORP.
BIDDING WAR BEGINS FOR SHOPKO AS NEW INVESTORS ENTER THE FRAY.
China Automotive Systems Enters a $5 million Stock Purchase Agreement and Secures $15 million in Standby Financing.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters