A financing agreement has been entered into by Bay Resources and Services (ASE) with St. Genevieve Resources (TSE) whereby St. Genevieve will spend $150,000 by March 1, 1991, on Bay exploration properties in return for 136,363 shares of Bay issued at $1.10 per share. St. Genevieve also reports it has acquired almost 2.2 million A shares (about 14% of the outstanding shares) of Stratmin (ME) from St. Genevieve Chairman Pierre Gauthier and a foreign financial institution, in return for the issuance of more than 2.7 million common shares.
In addition, St. Genevieve has entered into a $4-million private agreement with Stratmin to acquire two million A shares of Stratmin at $2 per share. The deal allows St. Genevieve to boost its interest in Stratmin, which mines a graphite deposit and operates two mills in the Mont-Laurier area of Quebec, to 24%.
Stratmin reports amending its purchase agreement with Asbury Graphite Mills to allow Asbury to buy additional concentrate tonnage.
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