St. Genevieve would amalgamate certain companies

An amalgamation involving companies within the St. Genevieve Resources (TSE) group of Montreal has been proposed for Jan. 1, subject to shareholder and regulatory approval.

To be amalgamated are Bay Resources and Services (ASE), in which St. Genevieve has an 83% interest; St. Genevieve Explorations (1991), a private, wholly owned subsidiary; Monique Exploration (ME), in which St. Genevieve has an indirect 14% interest; and Duverny Exploration (ME), in which St. Genevieve has an indirect 28% interest.

The new company would be known as SEG Exploration, be listed on the ME, have about 11 million shares outstanding and be owned about 62% by St. Genevieve. Shareholder meetings are planned for mid-December.

It is proposed shareholders of the amalgamated companies receive one common share in SEG according to the following exchange ratios: Bay, 5.24; St. Genevieve Explorations, 3.17; Duverny, 3.71; and Monique, 5.35.


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