COATS-listed Gateford Resources recently announced the private placement of two million common shares and one million warrants to purchase common shares for an aggregate consideration of $400,000 to Van Nest Management Corp. The private placement was authorized at a meeting of shareholders held June 12. As a result of the placement, Van Nest Management Corp. of Toronto is now the controlling shareholder of the company.
Van Nest Management President and controlling shareholder, Gary Van Nest, has also been granted a transferable option to acquire 940,000 common shares owned by Pathfinder Industries. Under the agreement, Mr Van Nest also has the right of first refusal on the remaining 441,000 shares held Pathfinder and 441,000 Gateford common shares owned by Innovative Capital Corp.
Pathfinder and Innovative Capital are former controlling shareholders of Gateford.
The share acquisitions are dependent upon the successful completion of the private placement and in both cases, the options are exercisable in whole or in part up to Oct 22, 1988.
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