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LWN: Argent Resources Ltd acquires Lute Linux.com Corp.

Jul 13, 2000, 06:44 (0 Talkback[s])


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"Argent Resources Ltd. ("Argent") is pleased to announce that it has signed an agreement dated July 12, 2000, with Lute Linux.com Corp. ("Lute") that will result in Argent acquiring 100% control of Lute from Russ Rossi, RRGS Creative Management Corp. and Quest Ventures Ltd. all B.C. based individuals or corporate entities. Argent will issue 10,100,000 common shares in its capital stock at a deemed issuance price of $0.29 per share to complete the transaction. These shares will be issued as surplus escrow shares and released according to Canadian Venture Exchange policies. This agreement involves both a change in business and a reverse takeover according to Exchange policies. The Company's shares will remain halted until the sponsorship acknowledgement form and the filing documents have been accepted by the Exchange. Completion of the transaction is subject to shareholder approval on a majority of the minority basis, CDNX acceptance and the resulting company meeting minimum listing requirements as a Tier 2, Category 3 Technology Issuer...."

"Lute, a private Denver, Colorado incorporated in March, 2000, is a software-development, training, and consulting company. Lute has offices in Denver and in Vancouver and has a staff of 9 employees. Lute is developing a Linux-based operating system and associated software applications."

Press Release