Financing (December 20, 1993)

Cambior — 5.5 million units @ $20.65.

MSV Resources — 4.1 million Cl A shs issuable upon the exercise of special wts @ $2.20 per special wt.

Summit Resources — 2,000,000 shs to be issued upon exercies of special wts @ $11.25 per special wt.