CORP. / Temagami Oil & Gas
TEMAGAMI OIL AND GAS LTD.
CALGARY, June 12 /CNW/ - Temagami Oil & Gas Ltd. announced today that a
special meeting of shareholders has been called for Thursday, July 16, 1998 to
approve the issuance of 45,550 Series I Preferred Shares to three persons, two
of whom are related parties to Temagami, as consideration for the purchase by
Temagami of outstanding indebtedness of U.S. $4,555,000 owed by the
Corporation to such persons.
In 1997 Temagami reorganized its share capital by redesignating the Class
''A'' Common Voting Shares as ''Special Participating Shares''. The Special
Participating Shares are redeemable at a price of $0.001 per share, provided
that the holders of such Shares have previously received distributions of not
less than $0.04 per share. The conversion of the indebtedness to Series I
Preferred Shares will, subject to compliance with applicable securities laws,
allow for redemption of the Special Participating Shares.
The business of the Corporation has been relatively inactive since 1995.
The Special Participating Shares of Temagami have been delisted and to the
knowledge of management, except for isolated transactions, active trading has
not occurred for several years. The shares of Temagami have been cease traded
for some time in both Ontario and British Columbia.
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For further information: Temagami Oil & Gas Ltd., (403) 571-4440
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