Petro defaults in Blackdome gold mine payment Petro Plus Inc PPV Shares issued 32,146,151 Aug 18 1997 close $ 0.13 Tuesday August 19 1997 News Release
Mr Rod Werner reports Petro Plus wishes to confirm that it has defaulted in the payment of $75,000 on August 8 1997 and $1,350,000 on August 15 1997 to Claimstaker Resources pursuant to an agreement dated May 2 1996 (as amended on June 14 1996, July 14 1996, August 2 1996, April 29 1997, and July 31 1997) to acquire a 50% interest in the Blackdome gold mine. Claimstaker Resources has provided Petro Plus with a notice of default and has purported to terminate the agreement. Petro Plus is reviewing its legal position. Petro Plus had sold a 25% interest to a private Alberta company for $2.0 million. The private Alberta company has defaulted in the payment of the $2.0 million thereby causing Petro Plus to default in making its payments to Claimstaker Resources.
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