Abacan Resource Corporation Update Of Corporate Affairs.Business Editors HOUSTON--(BUSINESS WIRE)--Feb. 25, 2000 Abacan Resource(OTC BB:ABACF) (TSE:ABC.) Abacan Resource Corporation (TSE:ABC) (OTC BB:ABACF) wishes to provide an update of its corporate affairs. To date, the Corporation has been unable to secure partners for either of its Benin Benin, which was probably founded in the 13th cent. and flourished from the 14th through the 17th cent. The kingdom was ruled by the Oba and a sophisticated bureaucracy. From the late 15th cent. Benin traded slaves as well as ivory, pepper, and cloth to Europeans. In the early 16th cent. the Oba sent an ambassador to Lisbon, and the king of Portugal sent missionaries to Benin. The kingdom of Benin declined after 1700, but revived in the 19th cent. Republic or Nigerian oil and gas properties. The Corporation has been unable to raise additional operating funds and has also been advised that its major secured creditor is not prepared to further assist the Corporation by injecting additional operating funds or through the restructuring of the outstanding principal balance of its secured loan. As a consequence, without a material change in the current position of the Corporation's major secured creditor and without a significant infusion of capital, the Board of Directors anticipates that the Corporation will proceed with a voluntary assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada) in the very near term. |
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