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Gold/Mining/Energy : St. Genevieve Resources (SGV.T & SGV.M)

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To: philip trigiani who wrote (119)3/27/1998 1:37:00 PM
From: Claude Robitaille  Read Replies (1) of 140
 
Year end results

St Genevieve Resources Ltd SGV
Shares issued 87,850,939 Nov 26 close $0.17
Fri 27 Mar 98 News Release
Ms Mary Peschka reports
During fiscal 1997, unfavourable market conditions, namely the price of
common and precious metals and the aftermaths of Bre-X had considerable
negative effect on mining companies.
Consequently, the investments of St Genevieve Resources suffered a loss in
value that is reflected in the $61 million writedown of the carrying value
of its investments to their estimated realizable value (net gain of $14.7
million in 1996), the $16 million loss on disposal of investments and
conversion of promissory notes (net gain of $10 million in 1996) and the
$7.2 million share in loss of companies subject to significant influence
($97,920 in 1996).These three amounts account for more than 90% of the
reported net loss of the year which amounted to $92.1 million (net loss per
share of $1.10) compared to a reported net income of $19.2 million in 1996
(net income per share of $0.32). Income decreased from $30 million in 1996
to $3.4 million in 1997.
On April 30 1998, the creditors of the company will consider and vote on
the restructuring plan filed by the company under the Companies' Creditors
Arrangement Act which provides for the payment of a significant portion of
the debts of the company by the issuance of common shares of the company on
the basis of one common share for each $0.20 of debt. The company has
contacted the majority of its creditors to inform them of the provisions of
the restructuring plan and to seek their approval and it is confident that
the restructuring plan will be accepted.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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