SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 0r 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 12, 2002
ICONET, INC.
F/K/A
DIGITAL VIDEO DISPLAY TECHNOLOGY CORP.
______________________________________________________
(Exact name of registrant as specified in its charter)
NEVADA 86-0891931
_______________________________ ___________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8 Gaucho Drive
Rolling Hills Estates, California 90274
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(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (416) 682-9255
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Commission File Number: 000 - 28481
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ITEM 2. ACQUISITION OF ASSETS.
On June 12, 2002, the Company entered into an Option to Purchase 100%
interest in 21 mining claims situated in Langmuir Township, Porcupine Mining
Division, Ontario, Canada, from Sea Emerald Development Corp., a Canadian
corporation ("Sea Emerald"). Consideration for the Option was $10.00, and the
exercise price for 100% interest in the 21 mining claims is 10,000,000 shares of
the Company's restricted Common Stock.
Pursuant to the terms of the Agreement, a copy of which is included as
an exhibit to this Form 8-K, the Company is required to issue 2,000,000 of the
10,000,000 shares to Sea Emerald within 5 business days from the date of the
Agreement, and 2,000,000 shares at six-month intervals, commencing six months
from the date of the Agreement. The Company must issue the full 10,000,000
shares in order to acquire any interest in or title to the 21 claims. In
addition, the Company is obligated to pay Sea Emerald a royalty equal to 5% of
Net Smelter Returns ("NSR") from production from the claims. The Company has an
option to buy back from Sea Emerald up to a maximum of 2% of the NSR, leaving
Sea Emerald with a 3% NSR. The buy-back price is Cdn$1,000,000 per 1% NSR. If
the Company has not commenced production from the claims and has not exercised
its buy-back right for 2% NSR on or before June 12, 2006, then the Company is
obligated to commence payment of a minimum advance royalty of US$50,000.00 per
year, commencing June 13, 2006.
The amount of the consideration for the Option was nominal and
customary in the mining industry, and the amount of the consideration for
exercise of the Option was determined based on what the parties believed, given
the limited information and data available on the 21 mining claims, was a fair
option exercise price for the claims, giving due consideration to the market
price of the Company's Common Stock and the subjective estimation of the present
value of the 21 claims.
There is no material relationship between Sea Emerald, and the Company
or any of the Company's affiliates, or any director or officer of the Company,
or any associate of any director or officer of the Company. The source of the
shares for exercise of the Option will be from the authorized, but unissued
shares of the Company's Common Stock.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
THE REGISTRANT has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
/s/ RANDY MILLER
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Randy Miller, President
Date: June 14, 2002
EXHIBITS TO THIS REPORT
1. Exhibit 99- Option Agreement, dated June 12, 2002