Gaspé & Anticosti Is

Quebec’s leader in oil and gas exploration.

Free
Message: Check this company out!!!


JML is not an Oil & Gas co anymore. This co sold all its right to OLITRA.

OlItra does not seem to be listed as a public co.

JAG's Gas and Oil Research Rights Transferred to it's Subsidiary 'OLITRA Inc.' and Amendment to the Announcement Made on February 13th, 2008



MONTREAL, QUEBEC--(Marketwire - April 10, 2008) - Les Mines J.A.G. Ltee (JAG "The company") (TSX VENTURE:JAG) announce it amended its agreement with her subsidiary "Olitra" announced by press release on February 13th, 2008, aiming the sale to "Olitra" of its rights in oil and gas she holds, on the Temiscouata, Lac St-Jean and Charlevoix properties.

According to the agreement, all of JAG's gas and oil rights have been sold to Olitra in consideration of the issuance to JAG of twelve million common shares of Olitra for a total consideration of $600,000. One of management's goals is to concentrate JAG's operations on the search for precious and base metals and industrial minerals. Olitra has no other assets so far. The above transaction is subject to receipt of the necessary regulatory approval, as well as other usual closing conditions.

The terms of the private placement to be completed by Olitra and announced in the same press release have changed. The initial 6,000,000 of its common shares are issued at a new price of $0,05 per common share, for a total proceed of $300,000. Each of the anticipated subscribers is an arm's length party to each of JAG and Olitra. Upon completion of the financing, JAG's interest in Olitra will be diluted as it will hold 12,000,000 of the 18,000,000 common shares of Olitra, representing approximately 66.7% of the issued and outstanding shares of Olitra. The financing is subject to receipt of the necessary regulatory approval, including that of the TSX Venture Exchange, as well as other usual closing.

JAG holds since April 2006, permits of research for oil and natural gas, covering an area of 332,790 hectares (932,000 acres) located in three regions of Quebec. More than $300,000 of exploration work were realised so far with the collaboration of geologists from l'Institut de la Recherche Scientifique' (INRS). A program of over $1,000,000 of exploration work is planned this year.



http://tsedb.globeinvestor.com/servl...



ecce

Share
New Message
Please login to post a reply