Boston Bay has 90% control of Lac des sles

Actual ownership is held by The Sheridan Platinum Group Ltd., a private company owned 90% by Boston Bay Mines (COATS) and 10% by J. P. Sheridan , Madeleine’s p resident. Belleterre Quebec Mines (COATS) in turn, another company in the Sherid an fold, holds 675,000 shares of Boston Bay representing 39.7% of that company’s issued shares.

In May, 1986, Madeleine entered into an agreement with The Sheridan Platinum Group whereby the two companies agreed to work towards a merger, terms of which w ill be as recommended by a committee set up by the two companies to evaluate the assets of each and recommend a fair and equitable merger ratio. The terms will be subject to approval by the minority shareholders of Madeleine, The Platinum G roup, Boston Bay and Belleterre, Sheridan emphasizes.

In the event that no merger is consummated, Madeleine has the option to bring the property into production at a rate of 3,000 tons per day to earn a 50% inter est in the property.

]]>