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STONERIDGE RESOURCES, INC. SEEKS EQUITY COMMITMENTS FOLLOWING INSUFFICIENT STOCKHOLDER VOTE ON FINANCING PROPOSAL

 STONERIDGE RESOURCES, INC. SEEKS EQUITY COMMITMENTS
 FOLLOWING INSUFFICIENT STOCKHOLDER VOTE ON FINANCING PROPOSAL
 BLOOMFIELD HILLS, Mich., Dec. 27 /PRNewswire/ -- Stoneridge Resources, Inc. (NYSE: SRE) announced that it did not receive sufficient stockholder consents in order to approve the company's proposal to issue $7,163,815 in 8-percent convertible subordinated notes due in 1994 to certain of the company's directors and substantial stockholders and up to $7 million in common stock or other securities convertible into or exercisable for common stock to directors and substantial securities holders. The proposed financing, which is now precluded, was first announced on Sept. 5, 1991, and was intended to raise capital to fund certain payments to the company's bank lender and to provide working capital.
 Approval of the proposal required the affirmative vote by written consents of the holders of a majority of the company's 13,667,632 outstanding shares. At the close of business on Friday, Dec. 20, 1991, written consents in favor of the proposal had been received from the holders of 4,208,456 shares with the holders of an additional 140,350 shares voting against the proposal. Written consents received after Dec. 20 could not be counted toward approval of the proposal.
 To replace the proposed financing, the company is seeking commitments from certain of its directors and substantial stockholders as well as new investors for their participation in a proposed offering of common stock and warrants. The terms currently under discussion contemplate an offering in which all the holders of the company's common stock would receive rights to purchase additional shares of common stock with attached warrants to purchase further shares and any new investors would have comparable subscription rights. To provide interim financing, pending the completion of the offering, the company is pursuing commitments from the same parties for a bridge financing arrangement.
 Stoneridge owns Acceptance Insurance Holdings Inc., a Nebraska-based specialty property and casualty insurance company; 52 percent of Orange-co, Inc. (NYSE: OJ), a Florida-based citrus company; 33 percent of Major Realty Corporation (NASDAQ: MAJR), a Florida-based real estate company; and 51 percent of The Major Group, Inc. (NYSE: MJR), a Florida- based commercial real estate services company.
 -0- 12/27/91
 /CONTACT: Douglas M. Kilbourne of Stoneridge Resources, Inc., 313-540-9040/
 (SRE) CO: Stoneridge Resources, Inc. ST: Michigan, Florida IN: SU:


DH -- DE001 -- 5425 12/27/91 09:02 EST
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Publication:PR Newswire
Date:Dec 27, 1991
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