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Gold/Mining/Energy : BRO-X MINERALS (C.BXO)
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To: Lalit Jain who wrote (276)12/17/1998 11:55:00 PM
From: alan holman  Read Replies (1) of 363
 
BRO-X & MACDONALD OIL MERGER APPROVAL
IN COURT

981217 - BRO-X MINERALS LTD.(BRXL) - TORONTO, ONTARIO

The application of Bresea Resources Ltd. ("Bresea") for Court
approval for the merger of its subsidiary Bro-X Minerals Ltd.
("Bro-X"), with MacDonald Oil Exploration Ltd. ("MacDonald Oil")
was adjourned to January 20th, 1999 by Mr. Justice Cairns of the
Alberta Court of Queen's Bench. In a hearing before Justice
Cairns, in Calgary, on December 15th, 1998, Bro-X was
unrepresented and PricewaterhouseCoopers Inc. ("PWC") made a
counter-application to have Bro-X wound-up. PWC is the
Court-appointed Interim Receiver of Bresea and opposed the
proposal of Bresea's management in favour of the merger, which
would provide Bro-X shareholders with marketable shares in an
ongoing enterprise. Justice Cairns declined to act on the matter
until Bro-X retained independent counsel to advocate the
interests of the company in the competing applications.

On September 11th, 1998 Bro-X and MacDonald Oil announced their
intention to merge. Bro-X shareholders would receive 2 shares and
1 warrant in the merged company for every 4 shares of Bro-X;
MacDonald Oil shareholders would receive 1 share and 1 warrant
for each share held. A $2 million Bro-X preferred share issue
held by Bresea, would become convertible to 8 million shares of
the merged company, if not previously redeemed.

-----

Frank C. Smeenk
MacDonald Oil Exploration Ltd.
Tel: (416) 865-1625
Fax: (416) 865-9386

Thomas P. Devlin
Bro-X Minerals Ltd.
Tel: (403) 543-7070
Fax: (403) 543-7085

No regulatory authority has approved nor disapproved the content
of this news release.
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