MERGE-ACQUISITIONS / Midas Resources Extends Its Offer for Scorpion
Energy
TSE SYMBOL: MDS
JULY 9, 1998
CALGARY, ALBERTA--Midas Resources Ltd. ("Midas") announces that at
its annual and special meeting held July 7, 1998, the Midas
shareholders approved, in all respects, the acquisition of all the
issued and outstanding common shares and share purchase warrants
("Scorpion Securities") of Scorpion Energy Inc. ("Scorpion").
Scorpion securityholders have tendered 13,301,236 Scorpion
Securities representing approximately 91.9 percent of the issued
Scorpion Securities (calculated on a fully diluted basis) under
the offer dated June 16, 1998 (the "Offer").
Midas has extended the expiry time and date of its Offer from 1:00
p.m. (Calgary time) on July 8, 1998 to 10:00 a.m. (Calgary time)
on July 21, 1998. The Offer has been extended because all
regulatory approvals have not yet been obtained. A copy of the
Notice of Extension is expected to be mailed to all holders of
Scorpion Securities shortly.
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