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Show v IMBIMlIillBIBlfMHni mpiaaBItiAiitnOT National Enterprise , June 9, 1976 Page twelve Eagle Reelects Directors continued from page Nine in the drilling prospect, Hollander said. the program, Hollander said, would be about 10 percent after payout. Hollander also Four wildcat locations said that exploratory activity have been staked on the Rocky in this relatively lightly-drille- d Ford prospect in southeastern area has been picking up Colorado where Eagle and recently with wildcat proother operators hold a net grams initiated by several 608,000 acres. The first well is operators in the area within currently drilling. Eagle's the last six months. interest in the initial wells in Bannak Gets Funds SALT LAKE CITY-Ban- nak (OTC 2.00, 2.50) has an- nounced the consummation of a funding program to put the Top Ten gold and silver properties into operation on a placer basis and to continue development for a year round operation with full crushing and milling capabilities. Company vice-preside- nt Kent White said the amount of money was confidential as was its source. A letter issued to stockholders, however, said terms of the agreement provide that the funders may receive up to 10 percent working interest in the Top Ten Mines properties, and that Bannak may reduce that percentage under certain conditions. The letter did not specify what those conditions might be. Bannak, White said, has also acquired an additional 24 percent of the Top Ten Mines properties on terms of a cash payment to principals of $15,000; assumption of principals notes payable in the amount of $30,000, plus interest; four monthly payments of $15,000 and 13 additional payments of $5,000; and issuance of 20,000 shares of Bannak stock. The company is continu- ing negotiations for the acquisition of the other 25.4. The company has some prior agreements because of difficulty in securing financing. Those agreements were: -- The acquisition by Bannak of 82.6375 percent of the outstanding stock of Prestige Pictures Industries, Inc. in exchange for 100,000 shares of Bannak stock issued for that purpose and related options for 50,000 shares; -- The acquisition of 100 percent of the capital stock of Flexline Manufacturing Corporation in exchange for 40,000 shares of capital stock of re-cind- ed deed's)? cfrti&fcie Bannak; -- The option to acquire the Elk City Hotel and -- The option agreement to interest in acquire a one-hathe Wee Hope and Windy Day uranium claims near Red Canyon, Utah. lf Production Bannak anticipates production to commence at the Top Ten Mines this week at a projected minimum rate of 200 tons per day. After construction of equipment for crushing and milling is completed, Bannak has projected a production rate from the Top Ten Mines of 800 tons per day. Manor Care i Reports Dividends 7 i SILVER SPRING, Md., -- Manor Care, Inc. (OTC 3.875, 4.3.95) a national health care service For further information please call James Barrett, Chairman. Area Cotie 208 356-4229. corporation, reports that the board of directors declared a regular quarterly cash dividend for the fourth quarter ending May 31, in the amount of $.03 per share on the common stock. The board also declared a special cash dividend in the amount of $.13 per share on the common stock. The dividends will be paid June 15, 1976 to stockholders of record as of June 1 , First Lombard Corporation Investment Bankers Salt Lake City I Idaho Falls 1976. The board announced that the special dividend is based on the companys earnings experience for the current fiscal year which ends May 31 . The companys reported earnings for the third quarter ended February 29 amounted to $615,520 or $.36 per share. ! ; |