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CORE ENERGY MINERALS LTD — Capital/Financing Update 2004
May 13, 2004
64702_rns_2004-05-13_128c872e-471b-48c8-b06a-42ca06ac31f9.pdf
Capital/Financing Update
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ASX AND PRESS RELEASE
14th May 2004
COMPLETION OF DUE DILIGENCE TO ACQUIRE AN INTEREST IN SECOND ONLINE CASINO
On the 23rd March 2004 Global Approach Limited (ASX:GLO) announced that it had entered into a letter of understanding to acquire a 23% interest in a second online casino called "The UK Casino Club".
The terms of GLO's acquisition of the 23% holding are as follows:
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- Purchase price of AUD\$276,000 to be paid by issuing 2.76 million GLO shares (deemed issue price 10c) which values the entire casino at AUD\$1.2 million, 2.76 million GLO shares represent approximately 6% of the total shares in GLO.
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- The acquisition is subject to the:
- (a) satisfactory completion of due diligence investigations by the GLO board on the UK Casino Club;
- (b) preparation of formal and binding documentation to effect the acquisition; and
- (c) receipt of all necessary approvals required to effect the acquisition.
Global Approac
Andreamar 1953.
The board of GLO is pleased to advise that the due diligence process has now been completed to the board's satisfaction and all formal documentation relating to the acquisition has been agreed in principle. It is anticipated that execution of the formal documentation and allotment of the shares for the 23% interest will take place within the next two weeks. Upon finalisation of this transaction GLO shall make a further announcement to the market in that regard.
The UK Casino Club operates out of two main web sites at www.ukcasinoclub.com and www.ukcasinoclub.co.uk with the casino offering players the choice of Pounds, Euro or US dollars through its online payment systems.
GIGSE '04 Conference
Mr. Barwick will be attending the Global Interactive Gaming Conference & Expo in Toronto Canada which commences on the 17th May 2004. This conference will enable him to investigate other opportunities for the company. He will also be visiting the Kahnawake site near Montreal which hosts the operations of both Music Hall Casino and UK Casino. The casino licenses are issued by the Kahnawake Gamming Commission which is also based there.
For further enquiries, please contact:
David Barwick, Executive Chairman
Ph: (07) 3317 2226 Fx: (07) 3317 2243
Email: [email protected]
Web: www.globalapproach.com.au