Black Dragon Resource Companies Inc (BDGR)

[Golden Cross]

BDGR: Signs Agreement to Acquire Gemini Explorations, Inc. for $25M [delayed]
Knobias - June 1, 2006 12:45 PM (EDT)

Ridgeland, MS, JUN 01, 2006 (EventX/Knobias.com via COMTEX) -- Black Dragon Resource Companies, Inc. (BDGR) announced that it has entered into an agreement to purchase all of the issued and outstanding shares of stock of Gemini Explorations, Inc., a privately held Louisiana corporation and additional assets held personally by the owners of Gemini, who are Eugene DuCharme and James Vozzella. Both Messr. DuCharme and Vozzella will join Black Dragon upon the closing of the transaction and will enter into long-term management agreements with Black Dragon. The Gemini team will provide in house expertise in the areas of property management, maintenance, drilling etc. Total purchase price for Gemini and the non-Gemini assets is $25 million, payable in cash and stock. The existing $2.3M note held by Gemini for its prior sale to Black Dragon of shallow rights at Caddo Lake will be extinguished at the closing. The closing of the transaction is subject to final due diligence and other conditions of closing.

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