Transpacific
Resources Inc. Exercises Option in Matias Corporation
August
23, 2000
TORONTO,
Aug. 23 /e-News/ — Transpacific today announced that on August
14, 2000 it had completed non-brokered arms length private placements
of 6,000,000 Special Warrants at a price of $0.05 per Special Warrant
for proceeds of $300,000.
Each
Special Warrant is exchangeable, at no additional cost, into one Transpacific
common share (an "Underlying Common Share") and one-half of one Transpacific
common share purchase warrant (a "Warrant"), as presently constituted,
during the period ending at 4:30 p.m. (EST) (the "Expiry Time") on
the earlier of (i) five business days following the date upon which
Transpacific completes a 1 for 10 consolidation of its shares and
changes its corporate name; and (ii) December 31, 2000.
Shareholder
approval for the consolidation and name change has already been obtained
and regulatory approval will be sought.
Any
Special Warrant not exercised prior to the Expiry Time shall be deemed
to be exercised, without any further action on the part of the Holder,
at the Expiry Time.
Each
whole Warrant will entitle the Holder to purchase one additional common
share, as presently constituted, for $0.075 (the "Exercise Price")
on or before February 14, 2001.
The
proceeds have been used to acquire approximately 5.5% of the Toronto
based high tech company Matias Corporation in partial exercise of
Transpacific's option to acquire up to 25% of Matias Corporation.
Matias
Corporation is a developer of software products and is developing
hand-held information appliances, among them a Half Keyboard for Palm
and Handspring devices. With potential applications ranging from handheld
computers to cell phones, the Half Keyboard has regular size keys
and uses peoples' existing skills to allow one handed touch typing
speeds fast enough for practical word processing (up to 88% of normal
typing rates).
The
funds provided by Transpacific enable Matias Corporation to complete
the development and initial marketing of its Half Keyboard product,
slated for shipment early December of this year, in time for the holiday
season.
Transpacific
remains a mineral exploration and development company. It owns properties
in the Kirkland Lake and Sudbury areas of Northern Ontario, which
have shown the presence of platinum and palladium. Palladium is used
by the automotive industry in the manufacture of catalytic converters,
and is currently trading at over CDN $1,100 per ounce (U.S. $740 per
ounce).
Exchange Listing - CDNX
Trading Symbol - YTQ
Shares Outstanding - 244,503,105
Investor
Relations:
Tel: 1.519.848.3388 Fax: 1.519.848.6705
Transpacific
will be pleased to answer questions or to provide further information
concerning the material changes reported upon herein.
www.transpacificresources.com
