|August 24, 1999|
Energold Acquires Interest in Impact Minerals International Inc.
|The Company advises that subsequent to receipt of regulatory approvals it has now closed it's acquisition of approximately 42% of IMPACT Minerals International Inc. ("IMPACT") . As part of its reorganization IMPACT acquired 100% interest in 23,700 hectares of mineral concessions held by Proyectos Mineros, S.A. ("PMSA"), including its key mineral asset -- the El Brujo gold-silver-copper-zinc property, by terminating all obligations and rights under a previous option agreement with Energold in consideration for 2,325,000 shares of IMPACT. IMPACT has also acquired 100% of the adjoining Baritina gold property from Energold in consideration for 425,000 shares of IMPACT. |
A private placement financing for $500,000 was completed of which $200,000, or 1,333,333 units were purchased by Energold. Including a finder's fee, payable in units of the Company, a total of 3,453,333 units were issued, each unit consisting of one common share and one share purchase warrant, exercisable at $0.20 for two years.
A total of 9,730,022 common shares are currently issued and outstanding (13,183,355 fully diluted). The resultant transactions makes Energold the largest shareholder in the Company, holding approximately 4,143,333 shares. IMPACT will continue to utilize Energold's geological services to conduct its exploration programs in the Dominican Republic where Energold has been exploring for over five years and has developed an excellent geological database and infrastructure.
Energold has acquired these shares in IMPACT for investment purposes. Energold may decide from time to time in the future to increase or decrease its ownership of IMPACT's common shares.
On behalf of the Directors
Frederick W. Davidson
Director & CFO
For further information:
Please contact: Keith Schaefer 604-602-8125
The Vancouver Stock Exchange has neither approved nor disapproved this news release.
900 - 543 Granville St.
Telephone 604 681-9501
Facsimile 604 681-6813
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