| Effective at the opening on August 24, 1998, Paramax
Resources Ltd. commenced trading on the Vancouver Stock Exchange. The company is
classified as an "Venture" company and trades under the symbol "PXM".
Pursuant to a Plan of Arrangement approved by shareholders and the
Supreme Court of British Columbia, Paramount Ventures and Finance Inc (trading symbol PVF)
has reorganized into two companies. Paramount Ventures and Finance Inc.has transferred to
Paramax Resources Ltd. its oil and gas properties and Paramax Resources Ltd. have issued
4,900,000 common shares of which 2,200,000 were issued to Paramount Ventures and Finance
Inc. and 2,700,000 were issued to Paramount Ventures and Finance Inc. shareholders.
Paramax Resources Ltd. holds interest in two oil and gas prospects in
Texas and Louisiana. Paramount Ventures and Finance Inc. will, in addition to its
ownership of approximately 55% of the Paramax common shares, continue to pursue
acquisition and exploration of precious and base mineral properties.
The company’s capitalization is 100,000,000 common shares with no
par value and 100,000,000 preferred shares without par value issuable in series of which
5,970,100 common shares are issued and outstanding. Montreal Trust Company of Canada is
the transfer agent for the company.
For further information, please refer to the Notice of Extraordinary
General Meeting and Information Circular dated July 7, 1998.
PARAMAX RESOURCES LTD.
Paul Conroy, President
Suite 1260 - 355 Burrard Street
Vancouver, BC V6C 2G8
Phone: (604) 687-1334 |
