MERGERS & ACQUISITIONS / Profco
PROFCO RESOURCES LTD.
CALGARY, Sept. 24 /CNW/ - GHP Exploration Corporation (''GHP.U'' - TSE)
and Profco Resources Ltd. (''PSO'' - TSE) announce that they are currently
negotiating a share exchange merger transaction. The share exchange ratio has
not been set, and will be disclosed when final terms have been agreed upon. It
has been agreed that Barry D. Lasker, President and CEO of GHP, will be the
President and CEO of the merged company.
Completion of any merger transaction will be subject to various
conditions, including satisfactory completion of due diligence, execution of
definitive agreements, approval by the shareholders of Profco and GHP, and
obtaining all necessary regulatory approvals.
Profco currently has approximately 34.5 million common shares
outstanding, which trade in Canadian dollars, and GHP currently has
approximately 21.8 million common shares outstanding, which trade in United
States dollars.
The combined company will have diverse assets located in Texas, the Gulf
of Mexico, Nigeria, Egypt and Tunisia.
The Toronto Stock Exchange has neither approved nor disapproved the text
of this news release.
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For further information: John J. Fleming, Chairman, President and Chief
Executive Officer, Profco Resources Ltd., (403) 262-5600; Barry D. Lasker,
President and Chief Executive Officer, GHP Exploration Corporation, (713)
626-9373
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