COAL, URANIUM & OIL SANDS — World Wide Minerals restructures capital, sues Nukem

World Wide Minerals (WWS-T) is undergoing a capital restructuring as it continues to pursue a lawsuit related to its derailed uranium projects in Kazakstan.

World Wide has issued a private placement of 19.9 million shares at priced at 6-10 cents each to settle outstanding liabilities of $1.6 million and has reserved a further 3 million shares for issue at 10 cents each on conversion of an additional $214,748 in liabilities. Another $1.9 million in liabilities has been exchanged for 2-year notes bearing a 6% annual interest rate. As well, the holder of a $10-million secured loan to World Wide has extended its maturity date to April 3, 2000.

With the reorganization, World Wide’s share capitalization rises to 78.73 million shares, or 86.37 million fully diluted shares.

World Wide’s legal action against the Kazakstan and state-owned uranium company KazAtomProm has been broadened to include Connecticut-based uranium broker Nukem, a subsidiary of the German energy conglomerate RWE Energie.

World Wide alleges that the Kazakstani government unilaterally and unlawfully terminated the company’s investment agreement in the country and that the three defendants conspired to grant to Nukem uranium marketing rights that had been contractually granted to World Wide. In addition to claiming reimbursement of its US$23-million investment in Kazakstan, World Wide is seeking US$200 million in damages for lost profit.

In its amended complaint, World Wide is also charging the defendants with fraud and racketeering under the U.S. Racketeering Influenced and Corrupt Organization Act.

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