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Show The National Enterprise , January 5, 1977 Page nine Mtn. States Finalizes Agreement SALT LAKE Mountain States Re- sources Corporation (OTC .22, .25) and MARAD Exploration Corporation have executed a definitive agreement incorporating the terms of the agreement in principle reached on Dec. 7, 1976. Pursuant to the agreement, MARAD Exploration Corporation has agreed, subject to certain rights of termination, to pay Mountain States a total of $500,000 over a one year period for the right to sublease its interest in coal properties in Sevier County, Utah, if. as and when federal leases are issued on applications for federal preference right coal leases for a substantial portion of the properties. Upon execution of the subleases, MARAD will be required to commence advance royalty payments totaling $18 million (less amounts previously paid) over a 20 year period. The advance royalty payments are to be credited against royalties on actual production of 3 percent of the market price of all coal mined and sold from the properties. News Briefs-Overseas National Airways (OTC 3.25, 3.75) and Alaska International Industries said they have decided to defer indefinitely proceeding further toward the previously announced merger of ONA into AIL Overseas said the decision was made because All has been unable to arrange financing and their lenders' approval for the acquisition. Penril Corp. OTC 2.125. 2.50 said it has introduced a new model developed by its Electro-Metric- s division which will interface the EMC-2- 5 Interference Analyzer model to the Hewlett Packard HP 9825 and other calculators in the HP 9800 series. In addition, it provides a digital interface to all Hewlett Packard and the Digital 8 PDP-series of mini Equipment Corporation's computers. The unit sells for an introductory price of $14,900 with shipments made 60 days after the date of order. mini-compute- rs Pay Less Drug Stores (OTC 12.00, 12.50) has loan completed arrangements for a $7 million, 4 from Citibank, N.A. at percent interest. The loan is without penalty, Pay Less said. ar 8-1- pre-payab- le The funds will be used to retire short term debt and the cash flow' generated from the operation will finance new stores and the remodeling program. Pay Less said it anticipates opening at least four new' units in 1977. Augment your income with our organization (without leaving yours). OTC 4.50, 5.00 extended to Jan. 14 its tender offer to buy back all its publicly owned shares and become a private concern. The offer at $4.50 a share was due to expire New Year's Eve. Prior to the offer, the maker ofyoung women s apparel had 302,942 common shares outstanding. To date, the company said less than 100, 000 shares Arpeja-Californi- Alpha Group Ltd. is a newly formed national marketing network dealing in OTC financial PR advertising. We are currently selecting regional representatives who can-- in a few hours a month-augm- ent their current annual income by as much as $10,000. If you are a savvy, PR oriented broker, you can work with us while making your regular corporate contacts. Our proposition is solid, lucrative, and worth your investigation. Im Ryan 6 Poulton . Call me collect at (801 ) Youll find the details attractive. 533-055- . a have been tendered. McMoRan Exploration Co. (OTC 1 1 .00, 1 1 .375) said it agreed to sell to Mesa Petroleum Co., subject to certain closing conditions, interest in six federal offshore Louisiana blocks and one federal offshore Texas block for $15 million. OTC 1.625, 2.00 has acquired 950 shares of its outstanding the remaining cumulative preferred stock at an aggregate purchase price of $57,000. The shares have been retired, the company said. Canrad-Hanovi- a Hillhavcn Inc., a health care company, said it has agreed to purchase 303,265 shares of Merit Corp. (OTC 1.50, 2.25) from Kemmons Wilson for These shares boost Hillhavens $2.4 million. ownership of Merit to 490,757 shares, or about 34 percent of the outstanding common. Merit, formerly Mcdicenters of America Inc. operates convalescent hospitals. Wilson was Merit's largest shareholder. Mayfair Super Markets Inc. OTC 2.75, 3.25 said its directors adopted a plan to purchase up to 60,000 of the company's common shares in brokerage transactions. The company didn't set a time limit on the planned purchase. It said any shares bought will be held as treasury stock. flLPt1fl OOP Salt Lake City Denver 0D. Crown Crafts Inc. (OTC 6.50, 7.00) intends to purchase up to 2.000 shares of its common stock in connection with funding its employee stock ownership plan. Purchases will be made at market prices in the near future. has negotiated a new $22 million unsecured line of credit with Citibank International, Security Pacific National Bank, and Columbia Union National Bank & Trust Co. Andrew A. Andros, chairman and president, said this will provide the company with an additional $4 million of borrowings for working capital purposes. Hy-Gai- n Electronics OTC 9.50, 10.00 |