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VERONEX BOARD OF DIRECTORS APPROVES REORGANIZATION PLAN

 VERONEX BOARD OF DIRECTORS APPROVES REORGANIZATION PLAN
 VANCOUVER, British Columbia, June 9 /PRNewswire/ -- The following


is a statement issued by the Veronex Resources Ltd. (AMEX: VX, VSE: VEO) board of directors:
 "The Board of Directors has approved a plan reorganizing the Company. The reorganization is necessary due to the dilemma of not having adequate cash flow to fund operations, which is caused by the Arbitration Award. In December of 1990, the Company received an adverse Arbitration Award which purports to convert the Company's interest in its Enim Oil Project to a 5 percent 'net profits' interest. The plan of reorganization is being implemented in order to optimize the residual value of the Company's remaining assets. This plan will be subject to ratification by the shareholders at the Annual General Meeting scheduled for August 20, 1992 and acceptance by all appropriate regulatory agencies.
 The Directors approved rolling back, on a reverse stock split, Veronex's issued and outstanding shares on a one new share for seven old shares basis. This will reduce the issued and outstanding shares of Veronex from 12,889,886 to 1,841,413.
 The Directors also approved increasing the authorized capital of Veronex to allow the issuance of up to 100 Million shares of stock. The purpose of the increase in the authorized common stock is to allow Veronex to attract a new financial business partner by issuing shares for the new business opportunity. Once the new business opportunity has been identified and a definitive agreement reached, Veronex will concurrently, with the issuance of the new shares, distribute on a proportional pro-rata basis 100 percent of Veronex's interest in Nordell International Resources Ltd. to the shareholders of record as at July 2, 1992. The Directors approved issuing one share of Nordell for every ten shares of Veronex that are issued and outstanding as at July 2, 1992. This will result in approximately 1,288,989 shares of Nordell being held by the current shareholders of Veronex. Nordell International Resources Ltd. owns the Company's interest in the Enim Oil Project.
 The plan of reorganization is to acquire new companies or assets in both Veronex and Nordell by the issuance of common stock. At such time as the companies enter into definitive agreements for an acquisition, the shareholders will be informed and requested to ratify the acquisition.
 On behalf of the Board of Directors, Veronex Resources Ltd., David A. Hite, President."
 According to the company, the Vancouver Stock Exchange has neither approved nor disapproved this news release.
 /CONTACT: David Wooldridge of Veronex Resources Ltd., 310-861-0383/
 -0- 6/9/92
 (VX,VEO) CO: Veronex Resources Ltd. ST: IN: OIL SU: RCN


BM -- CL014 -- 8396 06/09/92 13:08 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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