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Gold/Mining/Energy : BRO-X MINERALS (C.BXO) -- Ignore unavailable to you. Want to Upgrade?

To: Stiltskin who wrote (259)	9/11/1998 5:45:00 PM
From: Lalit Jain	Read Replies (2) \| Respond to of 363

Bro-X & MacDonald Oil Merger planned MacDonald Oil Exploration Ltd MACO Shares issued 18,000,000 1998-09-03 close $0.05 Friday Sep 11 1998 Mr. Frank Smeenk and Mr. Thomas Devlin report MacDonald Oil Exploration and Bro-X Minerals have signed a letter of intent to seek all requisite approvals to merge. Under the terms of the letter of intent, MacDonald Oil shareholders would receive one share and one warrant of the merged company (Amalco) for each MacDonald Oil share and Bro-X shareholders would receive two shares and one warrant of Amalco for every four shares held. The warrants would all be exercisable at 25 cents each at any time within 12 months of their issue. A Bro-X preferred share issue for $2-million, convertible into common shares at $1.00 each would become convertible at 25 cents per share of Amalco. Bro-X has 22 million common shares outstanding. MacDonald Oil has 18 million shares outstanding. Twenty-two per cent of Bro-X common shares and all its preferred shares are held by Bresea Resources. MacDonald Oil now holds a 30 per cent interest in block 22, the single largest onshore hydrocarbon exploration concession in Cuba, comprising 9,900 square kilometres. Earlier this summer MacDonald Oil announced its agreement to farm out a 70 per cent operating interest In block 22, to Genoil, a subsidiary of Beau Canada Exploration. An initial seismic program identified at least four potential drilling prospects which will be detailed with a further seismic program that commenced today. A first exploration well is scheduled for the second quarter of 1999. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com ************************************************************ Maybe I may be able to get some value out of my Bro-X shares after all. Good luck to the amalgamated company. Cheers, Lalit Jain