ONTARIO - Toronto's EXALL RESOURCES has submitted a reorganization plan whereby the company's non-oil-and-gas assets will be transferred to a new company named GOLD EAGLE MINES LTD. The shares of Gold Eagle will be distributed by prospectus to holders of Exall's outstanding common shares, as a dividend-in-kind on the basis of one Gold Eagle share for each five Exall common shares held. Upon completion of the re-organization, Exall will change its name to Exall Energy Inc.
Gold Eagle Mines was incorporated in 1934 and operated the mine of the same name from 1937 to 1941. About 40,000 oz of gold was produced during that time.
At the same time the shares are distributed, Dominick & Dominick Securities Inc. has been engaged to raise up to $3 million to finance Gold Eagle's 50% share of exploration expenditures at the Gold Eagle mine property in Red Lake, Ont. SOUTHERN STAR RESOURCES holds a half-interest in the project.
A picture, dated 1939, of the Gold Eagle mine is posted at www.exall.com.
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