VSE to unveil venture capital program

Article Abstract:

The Vancouver Stock Exchange will reveal a financing program, called the Venture Capital Pool program, aimed at companies with no assets, in an effort to compete better with its Alberta Stock Exchange. The exchange reports that it has gained the approval of the British Columbia Securities Commission to unveil the program, which is expected to take effect on July 1, 1998. The program aims to supply a financing option for young companies, which traditionally require seed private capital before making an initial public offering of shares at stock exchanges. Alberta Stock Exchange already has an equivalent program since 1986.

Comment:

Brit Colum: Vancouver Stock Exchange will reveal financing program aimed at companies w/ no assets

Securities and Commodity Exchanges, Securities Exchanges, Services information, Exchanges

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Prime investors demand audit

Article Abstract:

Prime Resources Group Inc., a Vancouver, BC-based company, is being requested by some of its investors to hire an independent auditor to assess the firm's reserves before deciding whether to approve of a purchase bid from Homestake Mining. Several investors also expressed their opposition to a possible buyout from Homestake, which already holds 50.6% of Prime Resources, commenting that the deal is out of the way. Homestake Mining has offered to buy the remaining 49.4% in the form of a stock swap valued at C$11.80 per share or a total of C$406 million.

Comment:

Offers to buy Prime Resources' remaining 49.4% in the form of a stock swap valued at C$11.80 a share or C$406 million

Asset sales & divestitures, Acquisitions & mergers, Mining & Extractive Industries, Mining, Prime Resources Group Inc., Homestake Mining

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B.C. to pay MacBlo for loss of cutting rights

Article Abstract:

Forestry giant MacMillan Bloedel Ltd will get C$100 million in cash and interest from the British Columbia government. The payment is compensation for the company's loss of timber-cutting rights when the government expropriated thousands of hectares of land for parks. MacBloedel had threatened to sue the government over the loss of cutting rights on 8,000 hectares of Crown land in two Tree Farm Licenses.

Receipt of funds, Paper & Allied Products, Paper Manufacturing, Paper industry, MacMillan Bloedel Ltd.

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