Business Services Industry
Findore Minerals Inc. Announces that it is Reorganizing its Corporate Structure in Order to Facilitate the Financing of its Gulf Coast Oil and Gas Exploration Program
Business Wire, August 15, 1997
TORONTO--(BUSINESS WIRE)--Aug. 15, 1997--Findore Minerals Inc. (CDN:FNDR)(OTC BB:FIMIF) is pleased to announce that it is reorganizing its corporate structure in order to facilitate the financing of its Gulf Coast oil and gas exploration program.
In conjunction with this restructuring the Corporation expects to file a preliminary prospectus with the Ontario Securities Commission within 2 weeks on behalf of its wholly owned subsidiary, Findore Gold Resources Ltd. Findore Gold Resources Ltd. will own all of the Corporation's mining properties in Ontario. Findore Minerals Inc. will be exclusively engaged in oil and gas development, exploration and production.
The Corporation plans to dividend out, to its shareholders of record, all of the shares of Findore Gold Resources Ltd., subject to receipt of a final prospectus and other approvals from the Ontario Securities Commission. This dividend involves a one for one share distribution, resulting in equal holdings in each Corporation for each shareholder of record.
For further details please contact Mr. James Lee, President, or Mr. Drew Currah, Director, at 416/363-1570 or visit the Company's web site at the following address: http://web.licity.com/findore . Total number of common shares issued and outstanding: 7,411,422.
CONTACT: Findore Minerals Inc.
James Lee or Drew Currah, 416/363-1570
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