Warrants extended
The company executed a supplemental indenture extending the exercise period of one million $11 warrants from June 26, 1997 to as late as June 26, 1998.
Proposed common stock offering
The company has filed a preliminary prospectus in Canada and a registration statement with the US SEC for a proposed public offering of its common shares.
Sunda Shelf exploration continues; Indonesian COW application; Australian update
Ocean Resources' Sunda Shelf bulk sample results are delayed to end-May, while its Indonesian COW gained presidential approval and 68 contracts are set for signing on April 28 1997.
Third quarter results: Namibia project progress
The company reported a nine-month loss of $2,573,000 as its Namibia seabed mining project advanced toward third-quarter 1997 commissioning.
Nasdaq listing
The company's application to list its shares on the Nasdaq Stock Exchange has been approved.
Indonesian COW approved
President Suharto has approved the company's contract of work for its Indonesian joint venture, according to partner PT Indo Teras Intan.
African operations expand
Namco has acquired diamond concession interests in Angola and Zaire while advancing its Namibian marine diamond mining project, including a new 15-year mining licence at Koichab.
No material changes
The company received a mining licence over the Koichab prospect in Namibia and filed to list on Nasdaq with initial SEC approval.
Sunda Shelf exploration to begin
Commissioning of upgraded equipment on the Aokam Thai No. 3 dredge is underway at the Sunda Shelf diamond project offshore southeast Kalimantan, Indonesia, ahead of full-scale bulk sampling.
Namibian mining licence received
Namibia's Ministry of Mines and Energy has granted the company a 15 year mining licence over the Koichab prospect within its Luderitz Bay grant.