Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11199)	6/12/1998 6:09:00 PM
From: SofaSpud	Read Replies (4) \| Respond to of 15196

CORP. / Temagami Oil & Gas TEMAGAMI OIL AND GAS LTD. CALGARY, June 12 /CNW/ - Temagami Oil & Gas Ltd. announced today that a special meeting of shareholders has been called for Thursday, July 16, 1998 to approve the issuance of 45,550 Series I Preferred Shares to three persons, two of whom are related parties to Temagami, as consideration for the purchase by Temagami of outstanding indebtedness of U.S. $4,555,000 owed by the Corporation to such persons. In 1997 Temagami reorganized its share capital by redesignating the Class ''A'' Common Voting Shares as ''Special Participating Shares''. The Special Participating Shares are redeemable at a price of $0.001 per share, provided that the holders of such Shares have previously received distributions of not less than $0.04 per share. The conversion of the indebtedness to Series I Preferred Shares will, subject to compliance with applicable securities laws, allow for redemption of the Special Participating Shares. The business of the Corporation has been relatively inactive since 1995. The Special Participating Shares of Temagami have been delisted and to the knowledge of management, except for isolated transactions, active trading has not occurred for several years. The shares of Temagami have been cease traded for some time in both Ontario and British Columbia. -30- For further information: Temagami Oil & Gas Ltd., (403) 571-4440