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DUNDEE BANCORP AND AVALON TO SHARE POCO PETROLEUM SHARES

 DUNDEE BANCORP AND AVALON TO SHARE POCO PETROLEUM SHARES
 TORONTO, May 15 /PRNewswire/ -- Dundee Bancorp Inc. (TSE: ME) and Avalon Corporation (NYSE: AVL) today announced that they have agreed to sell all of the approximately 20 million common shares (33 percent) of Poco Petroleums Ltd.


(TSE, ME, ASE) held by Dundee and Avalon, to a group of Canadian underwriters led by First Marathon Securities Limited. The shares will be resold in Canada by the underwriters at a price of $4.35 per share.
 The net proceeds of the offering to Dundee (approximately $29 million) and Avalon (approximately $54 million) will be used to pay down indebtedness and, in the case of Avalon, the balance will be added to working capital. Dundee owns approximately 83 percent of the issued common shares of Avalon.
 Dundee's four nominees on the board of directors of Poco will resign at the closing of the offering, which is expected to occur on or about June 18, 1992.
 -0- 5/15/92
 /CONTACT: Garth MacRae, president of Dundee Bancorp, 416-863-6990; or Richard Lister, chairman of the board of Avalon, 416-863-6990/
 (AVL) CO: Dundee Bancorp Inc.; Avalon Corp.; Poco Petroleums Ltd. ST: Ontario IN: OIL SU:


SH -- NY078 -- 0829 05/15/92 14:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 15, 1992
Words:207
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