MERGERS & ACQUISITIONS / Poco Mails Canrise Bid
POCO PETROLEUMS LTD. MAILS TAKE-OVER BID CIRCULAR FOR CANRISE RESOURCES LTD.
CALGARY, June 25 /CNW/ - Poco Petroleums Ltd. announced today that it has
mailed, to all registered holders of shares of Canrise Resources Ltd., a
take-over bid circular containing the details of its previously announced
offer to acquire all of the shares of Canrise. The offer provides that
Canrise shareholders will receive, for each common share tendered, 0.3845 of a
Poco common share. The offer will expire at 3:00 p.m. (Calgary time) on July
17, 1998, unless extended. If all Canrise common shares are tendered, the
value of the offer will be approximately $135.0 million based on recent
trading prices of Poco shares. The offer is subject to all necessary
regulatory approvals and to customary conditions including that a minimum of
66 2/3% of the outstanding Canrise common shares, calculated on a fully
diluted basis, be tendered.
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For further information: Craig Stewart, President and Chief Executive
Officer, (403) 260-8017, or John Ferguson, Vice President and Chief Financial
Officer, (403) 260-8059, Web Site: www.pocopete.ca, E-Mail: ir@pocopete.ca
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