Bay Resources and Services has received a takeover offer from affiliate company St. Genevieve Resources. The St. Genevieve offer consists of one common share for each two Bay shares held. The deal is conditional on St. Genevieve receiving a minimum of 51% of the outstanding Bay Resources shares.
St. Genevieve has also completed an agreement with Gold Spinners International, a private company, which gives the former company the right to earn a 34% interest in net profits of Gold Spinners and Co. Ltd. Partnership. For each $1 million of profits accruing to St. Genevieve, Gold Spinners will receive 300,000 common shares of St. Genevieve to a maximum of 1.5 million shares.
Gold Spinners is involved with developing centrifugal mining and dredging technology for the extraction of gold and silver from mine tailings.
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