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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (13362)	11/9/1998 9:10:00 PM
From: Kerm Yerman	Read Replies (11) of 15196

ACQUISITIONS-MERGERS / Poco Petroleums Ltd. Mails Take-Over Bid Circular for Pan East Petroleum Corp. CALGARY, Nov. 9 /CNW/ - Poco Petroleums Ltd. announced today that it has mailed, to all registered holders of shares of Pan East Petroleum Corp., a take-over bid circular containing the details of its previously announced offer to acquire all of the shares of Pan East. The offer provides that Pan East shareholders will receive, for each common share tendered, $2.65 or 0.1797 of a Poco common share. The offer will expire at 12:00 midnight (Calgary time) on November 27, 1998, unless extended. If all Pan East common shares are tendered, the value of the offer will be approximately $163.0 million. The offer is subject to all necessary regulatory approvals and to customary conditions including a minimum of 66 2/3% of the outstanding Pan East common shares, calculated on a fully diluted basis, be tendered.

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