Former Companies

Namibian (Namco) appointed five new directors and a new CFO following its June 29, 2001 annual general meeting, while creditors approved schemes of arrangement for subsidiaries in provisional liquidation.

The Toronto Stock Exchange extended its Namibian Minerals listing review.

Namibian Minerals reported a first-quarter 2001 net loss of $12.2-million (U.S.) on revenue of $4.7-million after the NamSSol accident halted diamond production and led to provisional liquidation of nine subsidiaries.

Namco will delay its Q1 2001 interim financial statements past the May 30 deadline, expecting to file by June 6, 2001.

Namibian Minerals Corporation reported 2000 earnings of $1.0-million (two cents per share) on revenues of $41.8-million, down from $17.1-million a year earlier.

The company completed its Leviev Group transaction and had its three Namibian subsidiaries discharged from provisional liquidation last week.

Namibian Minerals raised a further $2.6-million (U.S.) through a private placement of 10-per-cent special notes.