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PNW Capital to Acquire Industrial Minerals

February 25, 2002
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PNW Capital recently announced that it has finalized an agreement to acquire at least 90% of the outstanding privately held shares of Industrial Minerals Inc. in an all stock transaction.

PNW Capital recently announced that it has finalized an agreement to acquire at least 90% of the outstanding privately held shares of Industrial Minerals Inc. of East Aurora, N.Y., in an all stock transaction. PNW will issue 31.5 million of its common shares to complete the transaction. The company will have issued and outstanding upon completion of the acquisition 32.5 million shares of common stock. Industrial Minerals owns 100% of the undivided interest in the Bissett Creek Graphite patented mineral lease located in Maria Township in Southern Ontario, Canada. The property is comprised of 28 patented claims covering an area of approximately 504 hectares (1245 acres). It has been the subject of substantial earlier exploration drilling, trenching and metallurgical test work by KHD Canada, Kilborn Engineering, Pincock Alan and Holt and Cominco Engineering Services. Industrial Minerals also holds the rights to produce graphite using a patented dry production process.

For more information about PNW Capital, call (303) 412-2469. For information about Industrial Minerals, call (416) 999-3188.

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