Skyline Explorations has incorporated a new subsidiary to hold its Inel claim group, situated near the company’s proposed mining operation in the Johny Mountain area north of Stewart, B.C.
The subsidiary was formed specifically to avoid dilution of existing shareholder’s equity in Skyline, says President Reginald Davis. The dilution would have resulted from share issues required to advance exploration on the property.
The new subsidiary, which is wholly-owned, will be called Inel Resources and will have the right to acquire the claim group. Inel will offer one of its rights for each Skyline share held. That right would permit the holder to purchase one Inel share for 35 cents or 65 cents on a flow-through basis. In addition, Inel is proposing to offer 250,000 shares to the public at 35 cents per share. Both the rights and the shares would be listed on the vse. A work program costing $4.8 million has been recommended for the Inel claim group in 1987-88.
Be the first to comment on "Skyline has new subsidiary"