Board of Directors Receives Requisition From Quest Ventures.TORONTO--(BUSINESS WIRE)--Aug. 26, 1998--The board of directors of Rayrock Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :RAY) has received a requisition A written demand; a formal request or requirement. The formal demand by one government upon another, or by the governor of one state upon the governor of another state, of the surrender of a fugitive from justice. The taking or seizure of property by government. from Quest Ventures Inc, to call a special meeting of shareholders of the company to consider electing a new board of directors to carry out a plan to distribute its cash resources to shareholders and liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the the company. Rayrock's board of directors has been engaged in a number of initiatives to achieve its stated commitment to enhance shareholder value. Rayrock had previously retained NM Rothschild Rothschild (rŏth`chīld, Ger. rōt`shĭlt), prominent family of European bankers. The first important member was Mayer Amschel Rothschild (1743–1812), son of a money changer in the Jewish ghetto of Frankfurt, Germany. & Sons Canada Limited to assist it in identifying possible business transactions. Rayrock has entered into confidentiality agreements with sixteen mining companies concerning possible transactions and has been following a process of review and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in relation to these opportunities. The dissident Quest proposal, which is essentially to liquidate the company at the low point in the commodity price cycle for oil and gas, copper and gold, appears to be premature. At its regularly scheduled meeting of directors held today, the board considered the selection of a new chief executive officer and a proposal for eliminating the crossholding of shares by Rayrock and BlackRock Ventures BlackRock Ventures Inc. TSX: BVI is a Calgary, Alberta based oil company active in the exploration, development and production of heavy oil in western Canada. On July 10, 2006 Shell Canada completed its buy out of Black Rock for approximately $24CDN per share or Inc. It is anticipated that announcements on these matters will be made shortly. The board of Rayrock will respond to the Quest requisition in due course.
CONTACT: Rayrock Resources Inc.
Bruce Burton, 416/489-0022
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