CROESUS CAPITAL MANAGEMENT CORP. ("CROESUS") AGREES TO ACQUIRE CONTROL OF PHRYGIAN MINING CORPORATION ("PHRYGIAN") FROM MIDAS CAPITAL CORPORATION ("MIDAS").

Business Wire | August 29, 1995 | Copyright

VANCOUVER, BC--(BUSINESS WIRE)--AUGUST 29, 1995--PHRYGIAN MINING CORP. (VSE:PHG) Phrygian directors and management are pleased to announce that Croesus, a New York based global emerging market fund, has reached an agreement with Midas on July 26, 1995 whereby Croesus would acquire, via a private transaction, control of approximately 49 percent of the voting shares of Phrygian, representing 2,083,452 trading shares subject to a one year hold period and 1,897,194 escrow shares, the release of which is subject to certain financial performance criteria over a six year period.

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