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

To: Lalit Jain who wrote (276)	12/17/1998 11:55:00 PM
From: alan holman	Read Replies (1) \| Respond to of 363

BRO-X & MACDONALD OIL MERGER APPROVAL IN COURT 981217 - BRO-X MINERALS LTD.(BRXL) - TORONTO, ONTARIO The application of Bresea Resources Ltd. ("Bresea") for Court approval for the merger of its subsidiary Bro-X Minerals Ltd. ("Bro-X"), with MacDonald Oil Exploration Ltd. ("MacDonald Oil") was adjourned to January 20th, 1999 by Mr. Justice Cairns of the Alberta Court of Queen's Bench. In a hearing before Justice Cairns, in Calgary, on December 15th, 1998, Bro-X was unrepresented and PricewaterhouseCoopers Inc. ("PWC") made a counter-application to have Bro-X wound-up. PWC is the Court-appointed Interim Receiver of Bresea and opposed the proposal of Bresea's management in favour of the merger, which would provide Bro-X shareholders with marketable shares in an ongoing enterprise. Justice Cairns declined to act on the matter until Bro-X retained independent counsel to advocate the interests of the company in the competing applications. On September 11th, 1998 Bro-X and MacDonald Oil announced their intention to merge. Bro-X shareholders would receive 2 shares and 1 warrant in the merged company for every 4 shares of Bro-X; MacDonald Oil shareholders would receive 1 share and 1 warrant for each share held. A $2 million Bro-X preferred share issue held by Bresea, would become convertible to 8 million shares of the merged company, if not previously redeemed. ----- Frank C. Smeenk MacDonald Oil Exploration Ltd. Tel: (416) 865-1625 Fax: (416) 865-9386 Thomas P. Devlin Bro-X Minerals Ltd. Tel: (403) 543-7070 Fax: (403) 543-7085 No regulatory authority has approved nor disapproved the content of this news release.