Privately owned Orimar Resources has acquired a 65% interest (10.2 million shares) in SEG Exploration (ME) from St. Genevieve Resources (TSE) and Louvem Mines (TSE).
In return for the SEG shares, Orimar will pay the two companies $508,144 and issue them 10.2 million non-voting Orimar shares redeemable at 45 cents on or after Jan. 1, 1994.
To help make the cash payment, Orimar has sold 1.1 million shares of SEG at 45 cents each.
Upon closing the deal, several SEG directors will resign and Orimar investors Steve Zbikowski, Douglas McRae and Michael Muzylowsky will become new officers of SEG.
The parties have also agreed that, subject to regulatory and SEG shareholder approval, SEG and Orimar will be merged and Orimar shares will be exchanged against the common shares of privately owned Granada Resources and GRD Exploration that are held by SEG. At present, Granada and GRD are owned 50% by SEG and the other half by KWG Resources (ME).
Orimar has an option on several concessions covering 3,500 hectares in the El Callo mining district in Venezuela.
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