Subject to regulatory approval, St. Phillips Resources (VSE) has negotiated the acquisition of Stork Resources through a share issue. St. Phillips will issue the private company’s shareholders 600,000 shares in return for all of Stork. St. Phillips and Stork share ownership, 75% and 25% respectively, in the Kemess copper-gold property in the Toodoggone region of British Columbia.
El Condor Resources (VSE) and Kennecott Corp. are earning a 60% interest in the property by spending $1.1 million. A drilling program was recently completed on the property.
St. Phillips also negotiated a private placement of two million units at 37.5 cents per unit. The unit includes a 2-year warrant exercisable at 37.5 cents in the first year and 43 cents in the second year.
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