UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Philip L. Yang, Jr.
2. Issuer Name and Ticker or Trading Symbol
Silver Assets, Inc. (formerly known as Belcor Inc.) (CILV)
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
10/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (x) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(x) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
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Silver Assets, Inc. | | | | | | | | | |
Common Stock, $0.001 |10/26 |J(1)| | 26,639,482 | A |$0.11(2) | 50,114,423 | I | By Corporation |
par value |/98 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/ |Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V|Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Warrants to buy shares|$0.15(3)|9/22 | P | |10,000,| |9/22 |9/22 | Common |10,000,000|$0.008 |10,000,000 | I | By |
of Silver Assets, Inc.| | /98 | | | 000 | | /98 | /01 | Stock | | (3) | | | Corporation|
Common Stock, $0.001 | | | | | | | | | | | | | | |
par value | | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Private placement whereby Coastal Capital Partners, L.P. ("Coastal")
acquired shares of the common stock of Silver Assets, Inc. ("Silver Assets
Stock") as part of an agreement to allow Coastal to purchase Silver Assets
Stock at $0.11 per share, the proceeds of which were used by Silver Assets,
Inc. to repay all of its outstanding notes and advances, including accrued
interest, totalling $2,930,343.00, payable to Coastal.
(2) The $0.11 per share price was based on a fairness opinion received from
independent investment advisors.
(3) The $0.15 per share exercise price and the $0.008 per share purchase price
were both based on a fairness opinion received from independent
investment advisors.
/S/ Philip L. Yang, Jr. November 10, 1998
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**Signature of Reporting Person Date
By: Philip L. Yang, Jr.
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