CORP. / Bison Resources announces amendment to Transaction
CALGARY, May 8 /CNW/ - Bison Resources Ltd. (''Bison'') (ASE: BIS.A.)
announces that Bison has amended the terms of its major transaction
(originally announced on December 31, 1997) to acquire 100% of the shares of
Lupine Investment Corporation (''Lupine'') to reduce the number of shares
issuable to the vendors from 1,000,000 to 500,000. The acquisition of Lupine
was completed on December 30, 1997 but payment or the agreed consideration was
delayed until completion of title review work. Bison agreed with the vendors
of the Lupine shares to accept a 50% reduction in the number of shares issued
as compensation for all unresolved title deficiencies. The original purchase
price (prior to working capital adjustments) was to be $500,000 payable
$250,000 in cash and 1,000,000 shares valued at $0.25 per share. The amended
purchase price (prior to working capital adjustments) is $500,000 payable
$250,000 in cash and 500,000 shares valued at $0.50 per share. It is
estimated that the working capital adjustment as of the November 30 effective
date will require an additional payment by Bison to the Lupine shareholders of
approximately $55,000.
As previously disclosed in earlier press releases, Bison has completed 2
private placements of shares. On December 31, 1997 Bison issued 1,000,000
flow-through shares at $0.35 per share ($350,000) and on January 9, 1998 Bison
issued 1,000,000 shares without flow-through benefits at $0.25 per share
($250,000).
Bison Resources Ltd. is a junior oil and gas pool corporation whose
shares are listed for trading on The Alberta Stock Exchange under the symbol
BIS.A.
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