Blusson to vend interests into a public company

Stewart Blusson recently acquired a controlling interest in Texas Sidewinder Oil (VSE), which will buy all his interests in the BHP Minerals/Dia Met Minerals/Charles Fipke/Blusson joint venture outside the original discovery claims (as they existed on Aug. 31, 1990).

The purchase price will be determined by the amount Blusson spent on the discovery during a 12-year period and will include

a portion attributable to that spent by BHP. The company will pay the purchase price by issuing shares to Blusson at 18.75 cents per share subject to a 1-year hold. If free trading shares are issued, the price will be 25 cents per share.

The reverse takeover agreement does not include Blusson’s 10% interest in the discovery claims in the Lac de Gras region of the Northwest Territories. To be vended in are Blusson’s other mineral rights in the joint-venture area of interest, most of which are contiguous and peripheral to the discovery claims. Eight prospecting permits covering 317,000 acres are also included. Blusson will retain a 3% gross overriding royalty on his vended mineral rights. He will also subscribe for performance shares at an issue price of 1 cents per share, up to an amount not greater than 65% of Texas Sidewinder’s issued and outstanding shares.