Gentry substitutional listing approved; Barra Resources takeover planned
Gentry Resources Ltd GNY
Shares issued 18,368,732 Jun 15 close $0.41
Tue 15 Jun 99 News Release
Also Barra Resources Inc (BAO)
Mr. Hugh Ross reports
The company has now received both shareholder and Toronto Stock Exchange
approval to the substitutional listing of its common shares. On June 4,
1999, at the company's annual general and special meeting, shareholders
approved a special resolution to amend the articles of amalgamation
respecting its share capital structure. In summary, the Class A shares, of
which none were issued, have been deleted; the Class B shares have been
reclassified to common shares having one vote per share; and the preferred
shares, Series 1, of which none were issued, have been deleted.
In order to effect the change from Class B shares to common shares,
Gentry's trading symbol has been changed from GNY.B to GNY.
As mentioned in the company's press release in Stockwatch May 25, 1999,
Gentry has commenced a friendly takeover bid for Barra Resources Inc., a
junior oil and gas producer trading on the Alberta Stock Exchange. The
offer to purchase all the common shares of Barra, which was mailed out to
all shareholders of Barra on June 14, 1999, will remain open until 4:30
p.m. (Calgary time) on July 6, 1999. The offer is conditional upon Gentry
acquiring at least 90 per cent of the issued and outstanding shares of
Barra.
The offer has the unanimous support of the board of directors of both Barra
and Gentry and an acquisition agreement has been entered into. Lock-up
agreements have been entered into with all of the directors and management
of Barra, along with certain other shareholders, representing approximately
36.7 per cent of the common shares of Barra.
The combined company will have a production of approximately 950 barrels of
oil equivalent a day, with a production mix of approximately 35 per cent
gas and 65 per cent oil and liquids. The company will have varying
interests in approximately 260,000 (46,000 net) acres including several
high-quality units of strategic focus. The two companies have long-life
producing properties with a number of drill-ready prospects to pursue for
reserve and production growth.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
