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Gold/Mining/Energy : Tappit Resources Ltd ( TPT )
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To: Thinking Long who wrote (12)2/18/2000 7:55:00 AM
From: David Michaud  Read Replies (1) of 15
 
Tappit Resources Ltd -
Tappit to make offer for Backer Petroleum
Tappit Resources Ltd TPT
Shares issued 45,998,032 2000-02-16 close $0.33
Thursday Feb 17 2000
Also Backer Petroleum Corp (BCM)

Mr. Lawrence Bintner reports
Tappit Resources intends to make an offer to purchase all of the outstanding common shares of Backer Petroleum Corp.
The basis of the offer to Backer shareholders will be $1.35 in cash for each Backer share.
The $1.35 in cash per share represents approximately a 69-per-cent premium to the Feb. 16, 2000, closing price of the Backer shares on the Toronto Stock Exchange of 80 cents. Based on publicly available information, the transaction value represented by the offer is approximately $9.3-million.
The offer will be financed in part through Tappit's existing revolving credit facility and through an acquisition credit facility arranged with a Canadian chartered bank. The offer will be conditional upon the deposit of at least 50.1 per cent of the outstanding Backer shares (calculated on a fully diluted basis). The offer will also be subject to the receipt of all required regulatory approvals and other conditions customary in this type of transaction, including the absence of any material change in the business or operations previously disclosed by Backer.
The offer will be open for acceptance for approximately 21 days following the date of mailing, which is expected to occur on or before March 3, 2000.
Tappit owns 676,300 Backer shares representing 9.8 per cent of the outstanding Backer shares.
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