Hi Keith, I suspect the following release is the one you recall. Jim
Canada Stockwatch
Bearcat Explorations Ltd -
Shareholder rights plan
Bearcat Explorations Ltd BEAShares issued 58,006,5981998-04-08 close $0.59Wednesday Apr 8 1998Mr P. de Bruyker reports The board of directors has adopted a shareholder protection rights plan designed to provide for the fair treatment of all shareholders if there is an unsolicited takeover bid for Bearcat. The rights plan addresses the company's concerns that existing Canadian legislation does not allow sufficient time, if a takeover bid is made, for either the board of directors or the shareholders to properly consider a takeover bid or for the board of directors to seek alternatives to such a bid. The rights plan, which is subject to regulatory approval, is effective as of April 1 1998, and will be submitted for approval to the shareholders at the company's next annual meeting scheduled for June 1998. The rights issued under the rights plan become exercisable only when a person, together with any party related to it, acquires or announces the intention to acquire 20% or more of the company's outstanding common shares without complying with the permitted bid provisions of the rights plan or without approval of the board of directors. Should such an acquisition occur, rights holders, other than the acquiring person and related persons, can purchase shares of the company resulting in substantial dilution to the acquiring party. The rights plan was not implemented in response to any proposals, inquiries or expressions of interest from any third party, but rather to defend, if necessary, against any possible takeover attempt at a time when it is considered that the market price of the company's shares are not reflecting true asset value. The recent rights offering expired on March 31 1998. A total of 12,344,804 rights was exercised (22.3%), resulting in the issuance of an additional 1,234,480 shares. The current reduction in world oil prices is considered to be the main factor relating to the low percentage of subscriptions. It is the company's intention to list the warrants for trading on the ASE. The series A warrants have an exercise price of $1.50 and expire on June 30 1998, while the series B warrants have an exercise price of $3.00 and expire on September 30 1998. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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