Business Services Industry
Imperial Petroleum Inc. Closes Acquisition of SilaQuartz Mining Company Ltd
Business Wire, Dec 4, 1997
EVANSVILLE, Ind.--(BUSINESS WIRE)--Dec. 4, 1997--Imperial Petroleum Inc. (OTC BB:IPTM) announced today it has completed the acquisition of an 80 percent interest in SilaQuartz Mining Company Ltd.
SilaQuartz owns mining rights in southeastern Idaho to 2,300 acres of high grade silica ore. Imperial acquired 80 percent control of SilaQuartz in exchange for 750,000 shares of its common stock and 750,000 shares of the stock it owns in an affiliate, Wexford Technology Inc. and will provide $250,000 in loans to SilaQuartz to begin mining operations.
Company President, Jeffrey T. Wilson, said, "This purchase diversifies our mining portfolio and provides the Company substantial potential for future growth as a supplier of industrial raw materials. As one of two major sources of high grade silica in the United States, SilaQuartz is in a key position to fill a spectrum of industrial needs for decades to come; from providing raw material for steel to base material for the electronic components industry and the rapidly growing fiber optics market. The abundance and high quality of the ore will allow SilaQuartz to attract a significant share of the national and international market rapidly."
Imperial Petroleum Inc. is a diversified oil and mining company. The company's common stock is traded in the over-the-counter market under the symbol IPTM.
The matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties including but not limited to, risks associated with the amount and quality of the ore and the ability of the company to commercially develop the mining claims. Future tests and results may differ materially from those previously reported. The company assumes no obligation to update the information in this release.
For further information contact: Jeffrey T. Wilson, president (812/424-7948).
CONTACT: Imperial Petroleum Inc.
Jeffrey T. Wilson, 812/424-7948
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