RE: RE: Say goodbye to the .16'sVANCOUVER, BRITISH COLUMBIA, Sep 1, 2009 (Marketwire via COMTEX) -- ENCORE RENAISSANCE RESOURCES CORP. (
EZ) (FRANKFURT:OUH1) (PINK SHEETS:ERRCF) Encore Renaissance Resources Corp. ("the Company") announces it has entered into a letter agreement dated September 1, 2009, with a private British Columbia numbered company. Under the terms of the letter agreement, the company has agreed to enter into a definitive agreement to purchase all of the issued and outstanding common shares in the capital of the British Columbia numbered company from the shareholders of British Columbia numbered company in consideration for the company issuing twelve million common shares to the shareholders and promissory notes to the shareholders in the amount of $250,000. The promissory notes bear no interest, are due on demand, and carry a term of 18 months. The proposed acquisition will be negotiated and carried out by the parties dealing at arm's length to one another.
My guess is this is where the never-ending .16s are coming from-they were issued at .06-decent profit-but cant be too many left.