A portion of the proceeds ($1.5 million) will be reserved for completion of the second stage of a 2-stage private placement transaction with Eden Roc Mineral (ASE); the balance will be used as working capital.
Under its now completed agreement with Eden, Marshall has acquired five million Eden shares for $1.5 million and received an option to purchase an additional five million shares at the same price until April, 1992. Marshall owns about 50% of Eden’s outstanding shares.
Marshall Chairman Harry Quint has been elected chairman and a director of Eden, while Marshall President Gerald Hedican has been elected an Eden director. Reginald Lawrence resigned as Eden chairman and as a director; Michelle Lawrence and Robert Chaulk resigned as Eden directors.
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