Maison Placements president denies manipulation allegations

Article Abstract:

Maison Placements Canada Inc. President John Ing has denied accusations that he was involved in a deliberate plan to manipulate the market. Ing is being accused of being a party to a plan to push down the share price of a penny stock on the Toronto Stock Exchange (TSE) to arrange a private placement, where Ing's brokerage firm could earn commissions totaling C$317,000. A three-member TSE tribunal is hearing the case accusing Ing of arranging a sell order of 15,000 shares of Sonora Gold Corp. late on the day of Oct. 30, 1996, in an action intended to trigger the drop of the shares' price from 45 cents to 37.5 cents.

Comment:

Its president John Ing denies accusations that he was involved in a deliberate plan to manipulate the market

Government regulation (cont), Securities Brokerage, Stock Brokerage, Stockbrokers, Maison Placements Canada Inc.

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Glamis approaches Rayrock shareholders with takeover bid

Article Abstract:

Glamis Gold Ltd., a Reno, NV-based company, has began to approach some Rayrock Resources Inc. shareholders, offering to buy their shares for about C$9 each, which is 36% higher than the share's current price. After the Toronto, Ontario-based Rayrock board rejected the Glamis offer, Glamis is given the opportunity to make its offer directly to Rayrock shareholders. In its proposal that is overlayed by confidentiality agreement, Glamis will exchange either 2.2 Glamis shares or C$3 in cash and 1.5 Glamis shares for every Rayrock share.

Comment:

Begins to offer some Rayrock Resources Inc shareholders to buy their shares for about C$9 each, 36% higher than current price

Asset sales & divestitures, Acquisitions & mergers, Gold Mines, Gold Ore Mining, Nevada, Gold mining, Glamis Gold Ltd., Rayrock Resources Inc.

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