rsk- interesting information

I searched for CENTRAL EXCHANGE LIMITED/FAST SCOUT LIMITED/ STRIKE RESOURCES LIMITED and found some interesting information.

In May 2002, John F. Stephenson, H. Shanker Madan and Farooq Khan etc. tried to change the direction of Central Exchange Limited and issued a prospectus dated 1 August 2002, through the acquisition of Juniper Resources Ltd. But the Prospectus was closed (unsuccessfully) on 25 November 2002 without raising sufficient funds to reach the minimum subscription level of $1.50 million.


Wed 22 May 2002 :
Securities of Central Exchange Limited were suspended at the request of the company.

Mon 27 May 2002
Change of direction of Central Exchange to the resources sector through the acquisition of Juniper Resources Ltd ACN 099 730 364
As part of the acquisition of Juniper, two of the Directors of Juniper, with more than 60 years of cumulative worldwide experience in exploration and development of mineral resources, will also join the Board of Central Exchange. H. Shanker Madan, a highly experienced senior geologist with more than 30 years of industry experience and John F. Stephenson, recently retired Exploration Director of Rio Tinto Australasian region with more than 35 years experience in the mineral exploration business, will be appointed as Directors of Central Exchange. Shanker Madan and John Stephenson have been involved in the discoveries of world class mineral deposits in both Australia and Canada

CAPITAL RAISING: Central Exchange intends to issue a prospectus to raise up to $3,389,781 by:
1. the offer of 15,000,000 shares at an issue price of 20 cents per share (with minimum subscriptions of $1.50 million and provision for oversubscriptions of up to $3.0 million)
2. the offer of up to 38,978,051 options at an issue price of one cent per option, each to acquire one share at an exercise price of 20 cents with such options expiring 5 years from the date of their issue ("Option") (the "Option Offer"). Central Exchange will have an ability to issue a further 15,000,000 Options if oversubscriptions of shares are accepted pursuant to the Share Offer, however, the total number of Options to be issued will be limited to the extent that at no time will the total number of Options on issue exceed the total number of shares on issue..

CHANGE OF DIRECTORS Shanker Madan and John Stephenson will be joining the Board of Central Exchange upon completion by Central Exchange of its due diligence investigation of Juniper. At such time, current Central Exchange Director, Yaqoob Khan, will also become a Director of Juniper.

ABOUT SHANKER MANDAN Shanker Madan, aged 57 years, has honours and masters Science degrees in Applied Geology. He has had world-wide experience in the exploration and evaluation of mineral deposits for various commodities. Shanker Madan has been a Manager with Hamersley Iron, Group Leader with BHP Minerals, Chief Geologist with Hancock and Wright Prospecting and a Senior Geological Consultant to the Rio Tinto Group. Subsequent to his role as a promoter and Managing Director of an ASX listed exploration company in the 80's, he managed a range of mineral evaluation studies in Iran, Brazil and Western Australia for BHP, Rio Tinto and Hamersley Iron. He has also acted as a consultant to Rio Tinto, Ashton Mining and others on mineral projects in Brazil, South Africa, India, the Philippines, Fiji and United States, working on a range of iron ore, diamonds, gold, copper and chromite deposits. He has been involved in the discovery of 3 world class iron deposits in Western Australia for TexasGulf and BHP Minerals. From 1997 to 2001, Shanker Madan managed the evaluation of resource projects for Hamersley Iron and recently completed a resources due diligence study of the billion-dollar West Angelas project in the Pilbara region of Western Australia.

ABOUT JOHN STEPHENSON John Stephenson, aged 60 years, has an honours degree in Geology from the University of London through the former University College of Rhodesia and a PhD in Geology from the University of Manitoba, Canada. John Stephenson has been involved in the search for gold, diamonds, base metals and a range of other commodities in Africa, North America and Australia. He has also had exploration experience in Europe, South America and more recently, India and Indonesia. During this period he has held roles of increasing responsibility with both major and junior mining and exploration companies in all facets of the exploration business. Most recently he retired from resources giant, Rio Tinto, after 11 years service with the company; latterly as Exploration Director of Rio Tinto Australasian region. In 1994, as president of a Rio Tinto subsidiary in Canada, he was directly involved in the acquisition of majority mineral rights and subsequent discovery of the Diavik diamond mine in the country's Northwest Territories. This mine, now under development, will be Canada's second major diamond mine after BHP-Billiton's nearby producing Ekati diamond mine. In the mid 1980's when he was vice-president of St Joe Gold's Canadian exploration programme his team of geologists was responsible for the discovery of the former 80,000 ounce per year producing Golden Patricia gold mine in the province of Ontario.

Farooq Khan and Yaqoob Khan will remain as Directors of Central Exchange. Current Central Exchange Directors, Antony W P Sage and Brett M McKeon will resign upon settlement of the Juniper Share Sale Agreement.

SHARE SALE AGREEMENT On 22 May 2002, Central Exchange entered into a share sale agreement with each of the shareholders of Juniper (namely Farooq Khan, H. Shanker Madan, Murchison Resources Pty Ltd A.C.N. 009 175 491 and Michael Madigan) (collectively the .20020527 CXL ASX Acquisition of "Vendors") and two of the directors of Juniper (namely Farooq Khan and H. Shanker Madan) (the "Share Sale Agreement"), pursuant to which Central Exchange is to acquire all of the issued shares in Juniper for the sum of $3,000,000 to be satisfied by the issue of 15,000,000 shares at an issue price of 20 cents per share, and on the terms and conditions set out in the Share Sale Agreement. Central Exchange notes that the Share Sale Agreement is subject to, amongst other things, shareholder approval for the consolidation of the existing issued share capital of Central Exchange on a one (1) for ten (10) basis. Accordingly, the price of the Central Exchange shares to be issued to the Vendors pursuant to the Share Sale Agreement is determined on a post share consolidation basis. If all of the conditions to the Share Sale Agreement are satisfied, then, upon settlement of the Share Sale Agreement, the Vendors will be issued with the following Central Exchange shares (in consideration for their shares in Juniper): JUNIPER VENDORS NO OF SHARES NO OF CENTRAL HELD IN JUNIPER EXCHANGE SHARES TO BE ISSUED Farooq Khan 6,684 6,684,000 Hem Shanker Madan 6,684 6,684,000 Murchison Resources Pty Ltd 1,582 1,582,000 Michael Madigan 50 50,000 15,000 15,000,000 Upon settlement of the Share Sale Agreement Juniper will become a wholly owned subsidiary of Central Exchange which will change its name and status to Juniper Operations Pty Ltd.

CAPITAL STRUCTURE Upon settlement of the Share Sale Agreement (and assuming the Share Offer is fully subscribed but not over subscribed), the pro forma structure of Central Exchange will be as follows: Current Issued Capital 70,438,155 Shares to be issued to Queste Communications Ltd on termination of the Technical Services Agreement as described in a Central Exchange market announcement of 21 May 2002 19,342,360 Amended Issued Capital 89,780,515 After 1:10 Share Capital Consolidation 8,978,051 Shares to be issued to the Vendors of Juniper pursuant to Share Sale Agreement 15,000,000 Shares Issued Pursuant to the Share Offer 15,000,000 New Issued Capital 38,978,051 The Vendors will hold (between them) 38.48% of the new issued share capital of Central Exchange. The Vendors' interest in Central Exchange may increase if these parties acquire any shares in Central Exchange pursuant to the Share Offer.

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Thu 05 Sep 2002
Extension of Prospectus Offer Period

The Company refers to its Prospectus dated 1 August 2002 and advises that it has extended the closing date to 8 November 2002.

Wed 30 Oct 2002
Extension of Prospectus Offer Period
The Company refers to its Prospectus dated 1 August 2002 and advises that it has extended the closing date to 25 November 2002.

Tue 26 Nov 2002
Company Update

1. PROSPECTUS The Company's Prospectus dated 1 August 2002 closed on 25 November 2002 without raising sufficient funds to reach the minimum subscription level of $1.50 million. Accordingly, the Prospectus has been withdrawn and all application monies will be returned in due course.

2. DIRECTORS Messrs H Shanker Madan and John Stephenson, also being directors of Juniper Resources Ltd, have resigned as directors of the Company effective immediately.