Owner
Post by Franko10 ™ on Oct 15, 2005 7:49:39 GMT -5
GOLDEN ARCH RESOURCES LTD.
#928 – 470 Granville Street, Vancouver, BC V6C 1V5 Phone: (604) 681-8222 Fax: (604) 681-8282
www.goldenarchresources.com
GAI: TSX Venture
Exemption 12g3 - 2(b)
GARCF: O.T.C
SEC File # 82-659
NEWS RELEASE
May 10, 2005 –Vancouver, BC. The Board of Directors of Golden Arch Resources Ltd. (the “Company”) is required to inform their investors and the public that an action has been commenced against the Company in the Supreme Court of British Columbia for recovery of an alleged debt of $337,500 CDN plus interest at 6% per annum, pursuant to a debenture issued in 1996. This action has been commenced by Willis Associates Insolvency Services Ltd., Trustee of the Estate of Silver Peak Resources Ltd., in bankruptcy.
As stated in the Company News Release of October 10, 2003:
“October 10, 2003 – Golden Arch Resources (the “Company”) announces that the Board of Directors has considered the circumstances surrounding the issue of a Convertible Redeemable Debenture (principle amount $337,500.00 CDN) issued to Silver Peak Resources Ltd. on October 15, 1996. The Board has determined that, upon investigation, no cash consideration has been received by the Company for the private placement of the debenture and the issuance of the said Debenture. The Board of Directors believes that the debenture is not enforceable against the Company. As a result this alleged liability will be removed from the Company’s balance sheet. Therefore, the Company’s Auditor shall be instructed to prepare financial statements which reflect this change.”
Current management, which was not involved in the issuance of the debenture, has determined that there is nothing owing under the debenture and that the claim is entirely without merit. Counsel has been retained to vigorously defend this position.
“Les Kjosness”
President
The TSX Venture Exchange assumes no responsibility for the accuracy of this Release and neither approves nor disapproves thereof.
#928 – 470 Granville Street, Vancouver, BC V6C 1V5 Phone: (604) 681-8222 Fax: (604) 681-8282
www.goldenarchresources.com
GAI: TSX Venture
Exemption 12g3 - 2(b)
GARCF: O.T.C
SEC File # 82-659
NEWS RELEASE
May 10, 2005 –Vancouver, BC. The Board of Directors of Golden Arch Resources Ltd. (the “Company”) is required to inform their investors and the public that an action has been commenced against the Company in the Supreme Court of British Columbia for recovery of an alleged debt of $337,500 CDN plus interest at 6% per annum, pursuant to a debenture issued in 1996. This action has been commenced by Willis Associates Insolvency Services Ltd., Trustee of the Estate of Silver Peak Resources Ltd., in bankruptcy.
As stated in the Company News Release of October 10, 2003:
“October 10, 2003 – Golden Arch Resources (the “Company”) announces that the Board of Directors has considered the circumstances surrounding the issue of a Convertible Redeemable Debenture (principle amount $337,500.00 CDN) issued to Silver Peak Resources Ltd. on October 15, 1996. The Board has determined that, upon investigation, no cash consideration has been received by the Company for the private placement of the debenture and the issuance of the said Debenture. The Board of Directors believes that the debenture is not enforceable against the Company. As a result this alleged liability will be removed from the Company’s balance sheet. Therefore, the Company’s Auditor shall be instructed to prepare financial statements which reflect this change.”
Current management, which was not involved in the issuance of the debenture, has determined that there is nothing owing under the debenture and that the claim is entirely without merit. Counsel has been retained to vigorously defend this position.
“Les Kjosness”
President
The TSX Venture Exchange assumes no responsibility for the accuracy of this Release and neither approves nor disapproves thereof.
