TSE Trading Symbol: "DRO"
CALGARY, Dec. 30, 1999 /CNW/ - Destination Resorts Inc. ("DRO") is pleased to announce that it has today
completed a private placement of 12,300,000 common shares to five sophisticated purchasers. The issue price of
the common shares is $0.95 per share for total proceeds of $11,685,000.
In conjunction with the private placement, DRO has accepted the resignation of four directors (Messrs. Frank King,
Frank Agar, Douglas Hunter and Richard Tingle), who have been replaced by four new appointees (Messrs Blair Richardson,
Donald Taylor, Ian Hogg and Donald Black).
Kenneth Lambert, Chairman of DRO, stated that "We wish to thank each of the resigning directors for their
contribution to the company in the past, and look forward to working with the four new directors. Each new director
has experience on the board of other TSE-listed companies. We view this equity injection as a vote of confidence
in DRO's business and believe that the completion of this financing and the contributions of the new directors
of the company will enable DRO to obtain further funding over the upcoming months."
DRO is an Alberta based resort development company with projects in Canmore, Alberta and Kelowna, British Columbia
at various stages of development. The Three Sisters project in Canmore consists of the development of approximately
4,300 residential units, 600 timeshare units, more than 1,650 hotel rooms, over 500,000 square feet of commercial
space, three golf courses,and other recreational amenities. Many of these will be contained within the village.
The Quail Ridge project in Kelowna is a resort community with approvals for the development of 766 residential
units and 244 hotel condo units.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
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For further information: please contact: Mr. Richard K. Melchin,
President, Mr. Bill Berezan, Vice President Finance and CFO, 3rd Floor, 1422
Kensington Road N W., Calgary, Alberta, T2N 3P9, Tel: (403) 974-0450, Fax:
(403) 270-7895, e-mail: cholton@destination-resorts.com,
www.destination-resorts.com