Despite objections from at least two shareholders, a resolution concerning the sale of all assets of Heenan Senlac Resources (TSE) was recently passed at a special meeting of shareholders. As part of the deal, Laurasia Resources (TSE) will loan Heenan $1.2 million, convertible to Heenan Senlac shares, to pay off a bank debt and certain liabilities. In addition, Laurasia will purchase all of Heenan’s properties for $800,000.
Pressure from the bank forced Heenan to accept the Laurasia proposal even though shareholders are “taking a bath on the deal,” said Heenan director John Grant.
“This is not a happy deal for us,” he added. “We did what we thought we had to do.”
Heenan has watched revenues from the Pinto oilfield in Saskatchewan, its major asset, dwindle from $40,000 to $12,000 a month over the past few years.
But at least two shareholders disagreed with Heenan’s decision. Citing mismanagement and incompetence, the two accused directors of lacking a contingency plan in case of problems at the Pinto property.
“I have $1 million in the company that has gone down the toilet,” cried one shareholder. “This deal stinks.”
The company’s gold property at Red Lake, Ont., platinum claims at Lac des Isles, Ont., and other Canadian exploration prospects will go to Laurasia for not more than $350,000. Having drilled these properties in the past, Heenan says they have little potential.
Heenan management is optimistic the two companies will achieve some form of restructuring for Heenan, with an active corporate future and appropriate financing, after the Laurasia deal is completed.
Be the first to comment on "Heenan Senlac assets sold to Laurasia"