Prime Equities gains Lorica position

The acquisition of 637,500 escrow shares of Lorica Resources (VSE) by Prime Equities (VSE) from former Lorica management has resulted in Prime taking over control of the company. Prime paid 5*CS each for the shares.

The escrow share-position gives Prime a 23.5% interest in Lorica’s 2.72 million outstanding shares.

In conjunction with the escrow purchase, Murray Pezim, an officer and director of Prime, agreed to acquire 300,000 shares of Lorica from five shareholders giving him an 11% interest in the company.

As a group, Prime Equities and Pezim hold 937,500 shares of Lorica, or about 34.5% of the company.

Lorica holds an option to acquire a 51% interest in the Trek property from owners Pass Lake Resources (VSE) and Golden Sitka Resources(VSE). The property is in the Galore Creek area of northwestern British Columbia.

Lorica conducted a $100,000 surface program on the property in 1990, and identified a number of copper-gold targets.

Prime Equities has also taken over management of Pass Lake, although no shares were acquired. Pass Lake management said the move was made to take advantage of Prime’s exploration and financing expertise.