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Post by Franko10 ™ on Oct 7, 2004 8:57:38 GMT -5
U.S. Canadian LOI Brings Currently Revenue Producing Company
Business Wire, March 16, 2004
LAS VEGAS--(BUSINESS WIRE)--March 16, 2004
U.S. Canadian Minerals Inc. (OTC BB: UCAD) today announced that it has entered into a letter of intent to acquire 100% of the outstanding capital stock of the Nevada Magnetic Material Inc. Under the terms of the agreement, U.S. Canadian Minerals Inc. will exchange 50,000 of its shares in return for 100% of the outstanding capital stocks of Nevada Magnetic Material Inc. The transaction is subject to completion of financial and operational due diligence and the signing of a definitive agreement.
Nevada Magnetic Material Inc., a Nevada corporation established in 1990, is focused on the production of Nickel Sulfide Anodes Bars and is currently producing $15,000 a day worth of the bars. These anodes contain approximately 60% nickel, 20% silver, 5% gold and 5% residual materials.
Rendal Williams, chief executive officer of U.S. Canadian Minerals, stated, "Consistent with our decision to strengthen our position in the mining industry and to expand our operations in Nevada, the acquisition of Nevada Magnetic Material Inc. fits very well with our plans. We are currently working to implement efficient mining operations in various geographical areas, and acquiring Nevada Magnetic Material Inc. will solidify our business platform in general and our base of operations in Nevada in particular."
U.S. Canadian Minerals Inc. anticipates that the synergies resulting from this transaction will greatly enhance its operations and will have a positive impact on top-line revenues and profits as early as the second half of 2004.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
Business Wire, March 16, 2004
LAS VEGAS--(BUSINESS WIRE)--March 16, 2004
U.S. Canadian Minerals Inc. (OTC BB: UCAD) today announced that it has entered into a letter of intent to acquire 100% of the outstanding capital stock of the Nevada Magnetic Material Inc. Under the terms of the agreement, U.S. Canadian Minerals Inc. will exchange 50,000 of its shares in return for 100% of the outstanding capital stocks of Nevada Magnetic Material Inc. The transaction is subject to completion of financial and operational due diligence and the signing of a definitive agreement.
Nevada Magnetic Material Inc., a Nevada corporation established in 1990, is focused on the production of Nickel Sulfide Anodes Bars and is currently producing $15,000 a day worth of the bars. These anodes contain approximately 60% nickel, 20% silver, 5% gold and 5% residual materials.
Rendal Williams, chief executive officer of U.S. Canadian Minerals, stated, "Consistent with our decision to strengthen our position in the mining industry and to expand our operations in Nevada, the acquisition of Nevada Magnetic Material Inc. fits very well with our plans. We are currently working to implement efficient mining operations in various geographical areas, and acquiring Nevada Magnetic Material Inc. will solidify our business platform in general and our base of operations in Nevada in particular."
U.S. Canadian Minerals Inc. anticipates that the synergies resulting from this transaction will greatly enhance its operations and will have a positive impact on top-line revenues and profits as early as the second half of 2004.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
