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Gold/Mining/Energy : CFV - Camphor Ventures -- Ignore unavailable to you. Want to Upgrade?

To: Al Krasberg who wrote (266)	8/27/1998 9:33:00 AM
From: Al Krasberg	Read Replies (2) \| Respond to of 407

Our Arbitrage play may FINALLY be coming to fruition. The latest I've been told is that the CFV shares will be converted into MPV shares AND 'Newco' shares some time after Mountain gets on the Toronto exchange (middle of September?). We would receive a minimum of 4 MPV for each 10 CFV, with the actual number being determined by a 'fairness committee' from Goepel McDermid. The actual conversion is thus likely to be higher than 4, my guess being 4.6 or 4.7. Also, we will receive share-for-share in the new company, which will own CFVs 22.5 % earn-in in the Alberta gas wells, plus Camphor's other assets. It was explained to me that the cash flow from gas production is 10 cents/share, and the rule-of-thumb says that should be worth 50 cents in share price. The other assets are worth about a dime/share. Based on a recent price for MPV, this conservatively puts a converted value for CFV shares at (2.80 x .4 + .40), or $1.52, and an optimistic value at (2.80 x .47 + .60), or $1.91. Let's hope we can put this thread to rest in another month! Good Luck All!