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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE
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To: j.oil who wrote (861)2/19/2001 9:41:13 AM
From: Alex Harrington  Read Replies (1) of 864
 
Deal not closing - any thoughts?

Scimitar Hydrocarbons Corporation - News Release

Scimitar Black Pearl transaction did not close

Scimitar Hydrocarbons Corporation
SIY
Shares issued 38,983,142
2001-02-15 close $0.6
Friday Feb 16 2001
News Release
Mr. Angus Mackenzie reports
The previously announced transaction for the purchase by Black Pearl Invest. Ltd., of
35 per cent of the shares of Scimitar Production Egypt Ltd., did not close as agreed on
or before Feb. 15, 2001, as Black Pearl has not yet completed due diligence to its
satisfaction. Negotiations in respect of the transactions with Black Pearl are continuing.
Scimitar understands that Black Pearl continues to be desirous of closing the
transactions and is seeking an extension of the closing date to complete due diligence
to its satisfaction but there can be no assurance that the transactions will be completed.
Scimitar will issue a press release in the event that negotiations with Black Pearl cease
and if it appears that the proposed transaction will not be completed. Furthermore, in
the event that the transactions with Black Pearl are not completed, the board of
directors of Scimitar will continue to explore alternatives to maximize shareholder
value.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
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