Best Pacific Resources Acquires 95 Percent of Outstanding Common Shares of Spirit Corporation.CALGARY, Alberta--(BUSINESS WIRE)--April 16, 1997--(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group .) Spirit (Alberta Stock Exchange SRP SRP - A data link layer protocol. .) Best Pacific Resources Ltd. ("Best Pacific") today announced on behalf of itself and Spirit Corporation ("Spirit"), that Best Pacific has completed the acquisition of 95 percent of the issued and outstanding common shares of Spirit. The acquisition was made pursuant to an Offer to Purchase and Take Over Bid Circular ("Offer") dated February 26, 1997, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and executed on March 20,1997, made by Best Pacific to all the shareholders of Spirit. In consideration therefor there·for adv. For that: ordering goods and enclosing payment therefor. Adv. 1. therefor , Best Pacific issued 2,859,375 common shares and 1,429,700 share purchase warrants ("Warrants"). Each whole Warrant entitles the holder to acquire one common share of Best Pacific at an exercise price of $1.75 per common share on or before June 30, 1998. Former shareholders of Spirit will receive their common shares and warrants of Best Pacific by mail in the near future as contemplated in the Offer. In addition, Best Pacific has received the conditional approval of The Alberta Stock Exchange to list the warrants for trading on The Alberta Stock Exchange regarding same. Information concerning the foregoing will be provided in due course. As a result of the transaction the former board of directors and officers of Spirit resigned, except for Michael E. Lobsinger who remained as a director and Michael J. Perkins who remained as a director and Secretary of Spirit. Stephen C.M. Ko was appointed to the board of directors and President of Spirit and Wayne C. Lam was appointed as Assistant Secretary of Spirit. In addition, Michael E. Lobsinger, former Chairman of the Board of Directors of Spirit, has been appointed to the Board of Directors of Best Pacific. As of April 10, 1997, 977,189 common shares of Spirit had not been tendered under the Offer, Best Pacific intends to exercise its right under Part 16 of the Business Corporations Act (Alberta) to acquire all of these Spirit common shares, such that Spirit becomes a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . -0- Note To Editors: Neither the Alberta Stock Exchange nor any other regulatory body have reviewed this news release and they neither approve nor disapprove dis·ap·prove v. dis·ap·proved, dis·ap·prov·ing, dis·ap·proves v.tr. 1. To have an unfavorable opinion of; condemn. 2. To refuse to approve; reject. v.intr. of the contents of this news release. CONTACT: Best Pacific Resources Ltd. Stephen C.M. Ko, 403/263-8389 |
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