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SOCIETE D'EXPLORATION MINIERE MAZARIN INC. - PROFIT PREDICTIONS

SOCIETE D'EXPLORATION MINIERE MAZARIN INC. - PROFIT PREDICTIONS
 QUEBEC CITY, Oct. 1 /CNW/ - During the annual meeting of Societe d'exploration miniere Mazarin inc. held in Quebec city yesterday, the president, Mr. Regis Labeaume, has mentioned in its presentation that the company predicts a profit of $ 5 M for the financial year ending March 31, 1993. Based on the actually 27,725,489 outstanding shares, these results would give a net profit of $ 0.18 per share.
 In this $ 0.18 per share net profit, $ 0.05 will come from an extraordinary item being the settlement of one pension plan in Les Mines d'amiante Bell, Ltee.
 The Serie A debentures for a total of $ 2 M issued to finance the transaction with Societe nationale de l'amiante (SNA) may be converted during the next five years into 4,650,800 common shares of the company.
 The warrants issued to the subscribers of the Serie A debentures give them the right to subscribe to 876,000 common shares of the company at $ 0.70 a share until September 1st, 1997.
 Shares purchase options granted to directors, officers and employees of the company allow them to subscribe 2,742,000 common shares of the company within the next ten years.
 Consequently, if before March 31, 1993 the Serie A debentures were converted and the warrants and the shares purchase options exercised, the issued capital stock would then be 35,994,289 common shares.
 Therefore, based on this eventual dilution, the net profits would be $0.14 per share. However, then the company would have paid its $ 2 M debt and would have received $ 1,450 M in new cash.
 These results follow the recent acquisition by Mazarin of the assets of SNA being 100 percent of Les Mines d'amiante Bell, Ltee, 54,6 percent of Asbestos Corporation Ltd., 100 percent of Atlas Turner Inc. and the $ 134 M debt of these companies toward SNA.
 At the annual meeting, the shareholders have elected as directors Messrs Michel Cyr, Marcel De Rouin, Regis Labeaume, Michel Laplante, Laurier Pedneault, Claude St-Jacques and Pierre St-Jacques.
 The directors have named Messrs Michel Cyr as Chairman of the Board, Regis Labeaume as President and Chief Executive Officer and Marcel De Rouin as Executive Vice-President.
 Since the acquisition of SNA's assets, the management of the company has indicated that it will use its best efforts to develop the graphite deposit near Fermont and evaluate possible investment in the mining sector.
 For further information: Regis Labeaume, President and Chief Executive Officer, (418) 694-1123
 (MAZ.)
 -0- 10/01/92


CO: SOCIETE D'EXPLORATION MINIERE MAZARIN INC. IN: MNG ST: -- c0063 -- X004 10/01/92
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Date:Oct 1, 1992
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