Liberian Iron Ore (TSE) has announced that the Liberian American-Swedish Minerals Co. has repaid the balance of $4.677 million(US) of the bank loan it obtained in 1983 to enable it to finance at that time the redemption of its preferred stock.
As a result of the repayment, the balance of $784,500 pledged by LIO to help secure the loan to LAMCO has now been released to LIO and the $784,500 has been taken into income by LIO for the second quarter of 1988.
Goldfund Ltd. has announced the distribution of a capital gains dividend of 21 cents , payable to shareholders of record May 25. The net asset value after dividend and reinvestment price per share is $5.48.
Cline Development Corp. (VSE) has signed an agreement for the private placement of 218,601 common shares for an aggregate of $276,000 with MTC Flow-Through Resource Fund Ltd. partnership — 1. The funds will be spent primarily on the Goudreau-Lochalsh area properties near Wawa, Ont., and the Sudbury area platinum-nickel property.
The boards of directors of Pezgold Resources Corp. (VSE) and Androne Resources (VSE) have reached an agreement in principle to amalgamate the companies. The share exchange ratio will be decided upon receipt of the recommendations of an independent financial consultant and will be announced at that time.
Conwest Exploration reports its board has approved a takeover bid to acquire all of the 10% convertible second preferred Series “A” shares of Colonial Oil and Gas, not already owned by Conwest, at a price of $50 per share.
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