ACQUISITIONS-MERGERS TOP 21 LISTED / Northrock Resources
Announces Paragon Share Purchases
TSE SYMBOL: NRK
JANUARY 22, 1998
CALGARY, ALBERTA--Northrock Resources Ltd. ("Northrock") announced
that it has purchased, through the facilities of The Toronto Stock
Exchange, 96,100 common shares of Paragon Petroleum Corporation
("Paragon") for an aggregate purchase price of $0.4 million. The
highest price paid was $3.80 per Paragon common share.
The Paragon common shares purchased today, combined with purchases
on January 19, 1998 and January 20, 1998 of 1,403,900 common
shares, represent 4.8 percent of the outstanding number of Paragon
shares. To date, the average price paid for purchases of Paragon
common shares by Northrock was $3.79 per share.
Northrock has mailed to all holders of common shares of Paragon an
offer and bid circular (the "Offer") dated January 12, 1998.
Pursuant to the Offer, Northrock offers to purchase all of the
issued and outstanding common shares of Paragon on the basis of
$4.10 Canadian cash per Paragon common share or 0.19 of a
Northrock common share for each Paragon common share, or a
combination thereof. It is intended that the Paragon common
shares acquired today by Northrock will be included in determining
whether the 66 2/3 percent minimum acceptance condition set out in
the Offer has been fulfilled.
Northrock is an oil and gas company listed on The Toronto Stock
Exchange trading under the symbol "NRK". |
