LAST BUT NOT LEAST … Belmoral receives shareholder nod

Shareholders of Belmoral Mines (TSE) have approved a transaction which will take them out of debt and into oil and gas interests.

Geopetrol Resources, a private Alberta company, has an option to buy the $4.2-million debt owed by Belmoral to Aur Resources (TSE).

Upon exercise of the option, Belmoral would sell its 50% share of the AurBel joint venture and issue to Geopetrol a convertible note which would obligate the latter to convert immediately the Aur debt into 45 million shares of Belmoral.

The expiration date of the option has been extended to July 31.