Don't think so. TSY-Y : Share Purchase And Participation Agreement With BBFI
Symbol: TSY
09Sep97 Market News Publishing Inc. 97/09/09 No:0004
TUSCANY RESOURCES LTD ("TSY-Y")
- Share Purchase And Participation Agreement With BBFI
Tuscany Resources Ltd. ("Tuscany") of Calgary, announced that they
have entered into a Share Purchase and Participation Agreement with BBFI
Benin, Ltd. pursuant to which the Company has agreed to acquire 12.5% of
the issued outstanding shares in Tarpon Benin. S.A., a private company
("Tarpon"). Tarpon holds the exclusive right to explore for and produce oil
and gas from a 630 sq. km. (156,000 acres) concession area, located
offshore the Republic of Benin. Tuscany will pay B.B.F.I. Benin, Ltd.
$720,000 for the acquisition, which includes its share of all seismic and
overhead costs to date. In addition, Tuscany will be responsible for its
share of drilling and testing an exploratory commitment well, estimated to
be $1,660,000 net to Tuscany. This commitment well, Tarpon Benin #1, will
be spudded during the fourth quarter of 1997. In conjunction with the
Acquisition, the Company has signed a commitment letter with Yorkton
Securities Inc. whereby the Company will retain Yorkton as its agent to
offer for sale, on a best efforts basis, to purchasers resident in the
Provinces of Alberta and British Columbia a minimum of 12,000,000 Units and
a maximum of 15,000,000 Units of the Company at a price of $0.25 per Unit.
Each Unit will consist of one Common Share of the Company and one-half of
one Common Share purchase warrant of the Company. Each whole Warrant
entities the holder thereof to purchase one Common Share at a price of
$0.35 per share for a period of one year from the closing date of the
Prospectus.
The Company also wishes to announce the appointment of Mr. H. R. Ward,
Partner with Burstall Ward, Barristers and Solicitors, to its Board of
Directors.
TEL: (403) 244-2800 J. G. McManus, President,
Tuscany Resources Ltd.
FAX: (403) 244-2373
Since Tarpon had exclusive rights, meaning 100%, then TSY has a full 12.5%. This is not in dispute. Also, TCJ does have a7-8% interest. There news release was not released via Stockwatch or the Dow but I will try and dig it up. Released a day or two prior to halt. |
