Calgary, Alta.-based junior Comstate Resources (ASE) is offering to buy the issued and outstanding shares of Comaplex Resources International (ASE) by way of a takeover bid.
Comstate is offering: — $1.40 in cash per share.
— A non-interest-bearing note for $1.40 maturing Dec. 31, 1993. Comstate can redeem the note prior to maturity for 0.3 of a Redfern Resources (TSE) share or $1.40 in cash (Redfern shares are now owned by Comaplex). — One Comstate common share.
— A share purchase warrant entitling the holder to buy 0.75 of a Comstate common share for 1 cents. The warrants must be exercised prior to Dec. 31, 1998.
The bid must be accepted by Comaplex shareholders owning an aggregate of at least 90% of the outstanding shares, as well as by Comaplex directors. The acquisition, which awaits approval by regulators, will be financed with a bank loan and equity from a private placement of shares or by the issuance of special warrants that are convertible into shares.
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