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Red, Here is the NR out to-day on Anatolia Minerals Corp
Anatolia Minerals Development Ltd -
Anatolia Minerals Development Ltd AMCD.U Shares issued 13653336 1998-05-25 close $0.5 Tuesday May 26 1998 Also Rio Algom Limited (ROM) Mr. R.C. Moores reports Anatolia Minerals Development has signed a definitive letter agreement with Rio Algom for joint exploration of base and precious metal prospects in Turkey. A comprehensive formal agreement is expected to be executed by mid July. Under the agreement, Rio will purchase 1,764,706 common shares of AMDC at a price of 85 cents per share (U.S.) ($1.5-million (U.S.) total). Of this, $1,000,000 (U.S.) will be directed at further exploration of AMDC's Yenipazar and Armutbeli prospects over an 18 month period; $500,000 (U.S.) will go into AMDC's general funds. Rio may buy up to $2.5-million (U.S.) more of AMDC shares at a 10 per cent discount to the then 10 day market price to further finance exploration and extend the pre-earn in period by an additional 12 months. In addition, Rio will have a right of first refusal on other AMDC properties during the same 18 to 30 month period. Rio must spend an additional $10-million (U.S.) per property to earn a 60 per cent interest in each property or, at AMDC's option, spend up to $27.5-million (U.S.) per property and produce a feasibility study of such form and detail as is customarily required for project financing, to earn a maximum 70 per cent interest in each. AMDC will be operator until Rio earns a majority interest and Rio thereafter. Project financing may be arranged by Rio, if development is economically justified. Rio shall appoint one voting member to AMDC's board of directors and will participate in the approval of annual budgets and programs. Rio's nominee to the AMDC board has not yet been named. AMDC looks forward to working together with Rio to explore and develop a wide range of prospects in Turkey. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com