All-North shareholders approve Galactic deal

Shareholders of All-North Resources have approved an agreement which gives Galactic Resources a 64% control position in their company. All- North will issue approximately 6.7 million shares to Galactic in return for Galactic’s 96% interest in Hudson-Yukon Mining (N.M., Oct 26/87).

As well, All-North will pay its shareholders up to $1 million by way of a reduction of capital, provided the company retains at least $300,000 in cash and provides adequate reserves for all its accounts payable.

All-North will sell its 50% interest in the Tudl claims in the Mayo district, Yukon, to NDU Resources for 100,000 ndu shares (at a deemed value of $l per share). The agreements are subject to regulatory approval.