MERGERS-ACQUISITIONS / Midas Acquires Scorpion Energy
TSE SYMBOL: MDS
JULY 22, 1998
CALGARY, ALBERTA--Scorpion Energy Corporation (formerly, Midas
Resources Ltd.) ("Midas") announced today that the offer (the
"Offer") made by Midas dated June 16, 1998, as amended July 8,
1998, to purchase all of the outstanding common shares and share
purchase warrants of Scorpion Energy Inc. ("Scorpion") expired on
July 21, 1998. The Offer has been accepted by the holders of (i)
99.9 percent of the Scorpion Shares and Special Warrants; and (ii)
100 percent of the Scorpion Warrants (collectively, the "Scorpion
Securities"). Midas has notified the Depository, Montreal Trust
Company of Canada, that it intends to take up and pay for all of
the Scorpion Securities tendered to the Offer.
Following the acquisition of these shares, Midas will own
approximately 99.9 percent of the issued and outstanding Scorpion
Securities. As Midas has acquired in excess of 90 percent of the
issued and outstanding Scorpion Securities, it intends to proceed
with the statutory compulsory acquisition of the remaining
Scorpion Securities.
In accordance with the Offer, Midas has also amended its Articles
of change its name to "Scorpion Energy Corporation" and to
consolidate the issued and outstanding Midas Shares on the basis
of one (1) new common share of Midas for each three (3) Midas
Shares outstanding. Scorpion Energy Corporation expects that the
Midas Shares will commence trading on a post-consolidation basis
within three (3) business days after submission of required
documentation to The Toronto Stock Exchange.
|
