Separate transactions involving Toronto-based affiliates Tandem Resources (ME) and North American Rare Metals (ME) have been altered slightly to comply with regulatory requirements.
In the first transaction, Tandem reduced its stake in Ayrex Resources (ASE) from 59.5% to 49.6% by selling 500,000 shares of Ayrex to Matt Berry Mines (CDN). However, to meet with regulatory requirements, the selling price of the shares was raised to 39.5 cents from 25 cents.
As payment, Matt Berry issued a non-interest bearing promisory note for $197,500 with warrants attached to purchase 987,500 Matt Berry shares at 20 cents, expiring April 1, 1994.
Tandem now holds 2.48 million Ayrex shares as well as about 1.6 million shares of Matt Berry.
In a second transaction, North American Rare Metals was asked to raise the sale price of 977,656 Tandem shares to 13 cents. North American still holds 400,000 shares of Tandem which has granted its executive officers options to purchase an aggregate of 250,000 shares at 22 cents each.
Scheduled to expire, April 15, 1994, the options are being granted following the cancellation of options issued two years ago. North American has also granted its directors options to purchase an aggregate of one million North American shares at 20 cents each, expiring April 20, 1994. The option agreements involving Tandem and North American executives are subject to approval by the Montreal Exchange.
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