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Gold/Mining/Energy : Orbit Oil and Gas (t.orb) -- Ignore unavailable to you. Want to Upgrade?

To: Serge Collins who wrote (169)	1/7/1998 11:32:00 AM
From: Anthony Wong	Read Replies (1) \| Respond to of 171

Sunoma Increases Orbit Bid To $1.77 Orbit Board Recommends Acceptance Canada Newswire -- January 07, 1998 09:27 am CALGARY, Jan. 7 /CNW/ - Sunoma Energy Corp. and Orbit Oil & Gas Ltd. jointly announced an agreement providing for an increase in Sunoma's bid to $1.77 cash per Orbit common share. Following an intensive process of soliciting alternative proposals to maximize shareholder value and based on an assessment of current market conditions, Orbit's board of directors confirms that it now recommends that Orbit shareholders tender their Orbit common shares to Sunoma's amended offer. Humboldt Capital Corporation and officers and directors of Orbit have irrevocably agreed to tender and not withdraw their approximately 12,600,000 Orbit common shares, including those acquired on exercise of options (representing 27% of Orbit's shares on a fully diluted basis) to Sunoma's offer. The board of directors of Orbit has also waived the application of its shareholder rights plan to Sunoma's bid and Orbit has agreed not to solicit any new or alternative bid or other transaction. Orbit has also agreed to provide for an orderly transition of the board and senior management positions in the event Sunoma acquires at least 50.1% of the Orbit shares. Orbit shareholders who have tendered by 5:00 p.m. today will receive the increased bid price of $1.77 per share, assuming at least 50.1% of the Orbit common shares (other than those already owned by Sunoma) on a fully diluted basis are tendered to the bid. Sunoma and Orbit will be sending Sunoma's formal notice of variation and Orbit's directors' circular relating to the amendment to Orbit shareholders as early as possible. Shareholders who do not tender their Orbit shares by today will be entitled to tender their Orbit shares up to ten days after the sending of the notice of variation by Sunoma. Sunoma encourages Orbit's shareholders to tender their Orbit shares to Sunoma's bid today in order to provide for the earliest possible payment for tendered shares. For further information: Mr. Rick MacDermott, President and CEO, Sunoma Energy Corp., (403) 262-5553; Mr. Robert W. Lamond, Chairman, President and CEO, Orbit Oil & Gas Ltd., (403) 750-4400 09:12 ET CNW 09:09E 07-JAN-98 smartmoney.com