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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Chi-Chi who wrote (6673)	7/26/1999 7:58:00 PM
From: Arktic	Read Replies (1) \| Respond to of 24927

TYK on VSE up over 50% today... Perhaps something good is to be announced from the Hana #1 in Egypt. They should be near bottom hole location at present. Paul L. Craig

To: Chi-Chi who wrote (6673)	7/26/1999 8:09:00 PM
From: kingfisher	Respond to of 24927

Scorpion Energy Corp - Scorpion Energy $5.7-million recapitalization Scorpion Energy Corp SEN Shares issued 8,250,690 1999-07-26 close $0.7 Monday Jul 26 1999 Mr. Ernie Toews reports Scorpion Energy has entered into an agreement with ARC Canadian Energy Venture Fund, Laurie Sibbald and other investors to recapitalize Scorpion and restructure the management and board of directors of Scorpion. At closing, Scorpion intends to appoint Mr. Sibbald as president, chief executive officer and director of the corporation. Mr. Sibbald was most recently vice-president, engineering at a rapidly growing intermediate oil and gas company. In addition to the appointment of Mr. Sibbald, it is anticipated that at closing the board of directors will be reconstituted with the addition of Nancy V. Lever, who is senior vice-president and a director of ARC Financial Corporation, with two members of the current board continuing as directors and with an additional new independent director. Further senior management appointments will be made and announced before closing. Concurrent with these changes, Mr. Sibbald, ARC and other investors have agreed to recapitalize the corporation with an investment of $5.7-million to purchase six million common shares (of which 368,421 are flow-through common shares) and 1,477,895 common share purchase warrants. The warrants are exercisable at a price of 95 cents per warrant subject to the price of the common shares reaching certain thresholds. This transaction is subject to due diligence review over the next two weeks on the part of Mr. Sibbald, ARC and the other investors, regulatory approval and shareholder approval of Scorpion and it is anticipated that an information circular describing the transaction will be mailed to shareholders in August. Griffiths McBurney has acted as financial adviser to Scorpion in this transaction. The board of Scorpion believes this transaction significantly enhances the corporation's management, technical and financial resources. With these changes, Scorpion will be well positioned to establish itself as one of the leading growth companies in Canada's junior oil and gas sector. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)