Hello ALL, NEWS, NEWS NEWS !!!!
FUNSCAPE TO ACQUIRE OILEX
NEW YORK, JUNE 11 (REUTER) - FUNSCAPE CORP HAS AGREED TO
ACQUIRE OILEX INC IN EXCHANGE FOR SEVEN MILLION SHARES, INVESTOR
ALLEN BURDITT II TOLD REUTERS.
HE ALSO SAID THIS TRANSACTION WILL BE FOLLOWED BY THE
ACQUISITION OF 800 OIL WELLS FROM RIFE OIL FOR ADDITIONAL
SHARES.
A FORMAL ANNOUNCEMENT OF THE TRANSACTIONS IS EXPECTED IN
ABOUT AN HOUR.
AFTER BOTH MERGERS, BURDITT SAID, HE WILL HOLD ABOUT 2.5
MILLION FUNSCAPE SHARES, ROUGHLY 15 PERCENT OF THE 13.2 MILLION
EXPECTED TO BE OUTSTANDING.
11-JUN-0932. FEP075 N11161329 EVOU
FUNSCAPE TO ACQUIRE OILEX -PART 2 6REQ
BURDITT SAID ANOTHER 2.5 MILLION SHARES WILL BE HELD BY
SAWYER ADECOR, WHILE RIFE OIL WILL HOLD ABOUT 2 MILLION SHARES
AND OLIVER TIMMONS ONE MILLION.
BURDITT SAID FUNSCAPE HAS AGREED TO EXCHANGE ONE SHARE FOR
EACH 5.1 OUTSTANDING OILEX SHARES.
AT FUNSCAPE'S TUESDAY CLOSING PRICE OF $4.25 A SHARE, THE
PROPOSAL VALUES OILEX STOCK AT $0.83 PER SHARE. THE STOCK CLOSED
TUESDAY AT 21/32
BURDITT SAID THE MERGER IS EXPECTED TO BE A TAX-FREE
TRANSACTION AND POINTED OUT THAT THE NEW COMPANY WILL ALSO
ACQUIRE OILEX'S $6.5 MILLION TAX LOSS CARRYFORWARD.
11-JUN-0955. FEP153 N11161329 EVOV
CONTINUED FROM - 6RDD
IS this good news, ??
Steve S |
