Biron Bay Resources Limited - Company Update.TORONTO--(BUSINESS WIRE)--Oct. 30, 1996--Biron Bay Resources (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). BBQ BBQ barbecue .) Biron Bay Resources Limited announced today that, subject to compliance with all applicable regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , it will make an offer to purchase 100 percent of the shares of Royal Ecoproducts Ltd., a subsidiary of Royal Plastics Group Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,ME,NYSE NYSE See: New York Stock Exchange - RYG RYG Red Yellow Green (past performance information) ), exchanging shares of the company as consideration. An Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible in respect of this take-over bid is expected to be sent to shareholders in early January 1997, in compliance with the applicable policies of the Alberta Stock Exchange. Royal Ecoproducts manufactures finished products in-line from its recycling of post-industrial and post-consumer plastics, primarily polyethylene (PE) and polypropylene (PP). Using proprietary technology, it mixes, compounds and compression molds finished products. The products, comprised principally of recycled and re-engineered polymers and rubber, are used in the material handling systems market and the building products market. Current products include pallet systems and imitation slate tile roofing products. If the take-over bid is successful, Biron Bay would be renamed Royal Ecoproducts Limited and the current mining resource assets would be rolled into a newly created wholly-owned subsidiary of the continuing company. It is expected that this subsidiary would be disposed of in an orderly manner at the appropriate time subsequent to completion of the transaction. The purchase of Royal Ecoproducts would result in Royal Plastics Group Limited having a significant control position. An independent committee and a financial advisor will be selected to conduct a full review and assessment of the proposed transaction and values, as required by the applicable stock exchange policies and securities regulations. Vic De Zen, Chairman of the Board of Biron Bay, commented on the proposal saying "The proposal is good for both Biron Bay and Royal Ecoproducts. Biron Bay will acquire an active business with proprietary technology in an expanding and global market, while Royal Ecoprodcts will be able to operate with a greater focus on its area of expertise, as a separate publicly traded entity." Royal Plastics Group Limited would initially assist Royal Ecoproducts in its production expansion while continuing its own dedication to the extrusion of vinyl (PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. ) building products and building systems. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Biron Bay Resources Limited Douglas Dunsmuir, 905/ 264-1867 |
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