Post by Franko10 ™ on Sept 11, 2004 14:32:11 GMT -5
February 17, 2000
Shane to issue shares for debt
The company has entered into an agreement whereby it has agreed to issue to a certain creditor a total of 100,000 common shares in the capital stock of the company at a deemed price of 35 cents per share in settlement of a $35,000 debt, subject to acceptance by the Canadian Venture Exchange. The previous 10-day average trading price of the company's shares on the Canadian Venture Exchange is 32 cents per share.
The private placement announced in Stockwatch Dec. 30, 1999, was accepted for filing by the Canadian Venture Exchange on Feb. 15, 2000. In accordance with the provisions of the subscription agreements, a total of 2.21 million units (500,000 of which consist of flow-through common shares and flow-through warrants) at 35 cents per unit, each unit consisting of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share, were issued to the placees on Feb. 17, 2000, which shares, together with any shares issued on exercise of the warrants, will be subject to a hold period in British Columbia expiring at 12 p.m. on Feb. 11, 2001. ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.
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