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To: Wayne Rumball who wrote (1155)	8/19/1998 10:07:00 AM
From: David A. Irvine	Read Replies (1) \| Respond to of 2038

IDCN news out. The board decided to accept a buyout offer at $0.375/share. Stock trading in the low double digits. The company has preliminary results back indicating they own a huge gold deposit. More results are due back in about a month. Apparently, the buyout group wants to buy IDCN out now before the more detailed results, hoping they can buy this company for cheap in anticipation of good results. Last week, the stock jumped 160% on the buyout offer. There were over 8 million shares traded. Float is about 12 million. The MMs must have gone REALLY short. The day after the news the stock price was a roller coaster. I think the MMs were trying to cause (and getting) panic selling so they could cover. The best thing about the past hour or so yesterday (probably insider buying) was that the stock acted almost like it was on a major exchange. The bid and ask actually moved similar to what you would expect when supply and demand rules the market. That is very encouraging. A lot of times on the OTC:BB, you will have MMs just sit on the ask and sell shares even when strong buying is going on and go short on it, knowing that they will just drop the bid and ask when the buying pressure stops and buy back at a lower price (if ever). Maybe the MMs don't want to get burned short on this one - and they are playing it safe just in case. Just an idea. Anyway, here is the news: biz.yahoo.com Wednesday August 19, 9:02 am Eastern Time Company Press Release CMI Capital Offer Update VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 19, 1998-- Indocan Resources Inc. (OTC-BB: IDCN. - news) - On August 11, 1998 the company board of directors received a letter containing an offer. The board of directors has met to consider the offer from CMI Capital and its associates. The offer is as follows: ''We and our associates in Zurich, Switzerland have examined the information available regarding your mining claim properties. We have a keen interest in the overall project and wish for you to consider our offer to purchase all the issued and outstanding capital shares of Indocan Resources Inc. at the price of U.S. dollar $0.375 per share. ''We understand the board of directors is in a position to make this decision solely without the necessity of a shareholder meeting. Your prompt attention to this matter will be greatly appreciated. ''The offer is on an all or none basis and we expect that acceptance by the board of directors would indicate a reasonable assurance that more than 80% of the capital stock would accept our tendered offer. This offer shall remain valid for three weeks, until 5:00 p.m. Montreal time, Tuesday, the 1st of September 1998.'' The board of directors have voted today to accepted the offer and recommend that the shareholders vote to accept it also. Since the board alone cannot deliver 80% of the company a shareholder's meeting will be called. The meeting time and the record date for share ownership will be set and announced next week. Contact: Investor Relations: (888) 821 6607 Brokers contact: (360) 676 1315 Jeffrey Bruhjell (604) 929-7224 e-mail: jeffreyb@axion.net