CS Resources Limited Announces Gulf Canada Offer for Outstanding Shares.CALGARY, Alberta--(BUSINESS WIRE)--June 6, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME CRZ CRZ Cruise CRZ Contamination Reduction Zone CRZ Chirped Return to Zero CRZ Close Reconnaissance Zone CRZ Controlled-Reaction Zone CRZ Compact Renaissance Zero .) CS Resources Limited announces that it has been advised that Gulf Canada Resources Limited intends to make an unsolicited offer for all of the outstanding shares of CS Resources. The announced Gulf Canada offer consists of the election to receive consideration consisting of 1.1539 common shares of Gulf, or a combination of cash and common shares of Gulf, or $14.25 cash, subject to an aggregate maximum of $100 million in cash. The proposal consists primarily of Gulf common shares which are trading at the high end of their trading range Trading Range The spread between the high and low prices traded during a period of time. Notes: When a stock breaks through or falls below its trading range after several days of trading in a range, it usually means there is momentum (positive or negative) building. over the past number of years. CS Resources also announces that it has for some time considered and has had active discussions regarding a strategic alliance with an industry partner to accelerate the growth of the Company's extensive resource base. These discussions have advanced to the stage which involves the commitment by the strategic partner of an equity participation as a well as prospective resource properties. CS Resources expects to be in a position to reach an agreement with this industry partner. The Board of Directors of CS Resources has engaged Gordon Capital Corporation as its independent advisor and is considering these matters and other alternatives. Shareholders are urged to await further communication from the Board. CS Resources Limited is a Calgary-based petroleum company with operations focused in the western Canada
Western Canada, commonly referred to as the West sedimentary basin. The Company's common shares are listed for trading on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: CS Resources Limited Dee A. Parkinson, 403/ 260-6100 403/ 260-6191 (FAX) or CS Resources Limited George A. Crookshank, 403/ 260-6100 403/ 260-6191 (FAX) |
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