Oct. 31 - BTO.A(ASE) - Agreement to mergeÿ
Brialto Energy Corp -
Agreement to merge
Brialto Energy Corp BTO.A
Shares issued 3732400 1997-10-28 close $1.25
Friday Oct 31 1997
Also Adobe Resources Ltd (ADO.A)
Mr Al Tolg reports
BriAlto and Adobe have entered into an agreement to merge. Pursuant to the agreement, BriAlto will issue one share of BriAlto for every five shares of Adobe. The merger is subject to shareholder and regulatory approval. Shareholder meetings will be called to approve the merger which is expected to close by year end. It is estimated that BriAlto will issue approximately 2,245,044 shares bringing total outstanding to approximately 6,227,444 shares. BriAlto has entered into a lock-up agreement with certain shareholders of Adobe representing approximately 25% of Adobe's currently outstanding shares.
The merged company which will carry on business as BriAlto Energy Corp, will have combined production of approximately 230 barrels of oil per day, and proven and probable reserves of 657 mstb of oil. The new company will benefit from Adobe's wide southeast Saskatchewan land and prospect exposure and from BriAlto's strong management team. Mr Al Tolg, president of BriAlto, will be president of the merged company. Proposed directors of the merged company include the existing directors of BriAlto together with Mr Tony Convey and Mr Andrew Burgess, who are currently directors of Adobe. |
