News Out-
News August 19, 09:28 Eastern Time
CMI Capital Offer Update
VANCOUVER, BRITISH COLUMBIA (Aug. 19) BUSINESS WIRE -Aug. 19, 1998--
Indocan Resources Inc. (OTC-BB: IDCN.) - On August 11, 1998 the company board of
directors received a letter containing an offer.
The board of directors has met to consider the offer from CMI Capital and its
associates. The offer is as follows:
"We and our associates in Zurich, Switzerland have examined the information
available regarding your mining claim properties. We have a keen interest in the overall
project and wish for you to consider our offer to purchase all the issued and
outstanding capital shares of Indocan Resources Inc. at the price of U.S. dollar $0.375
per share.
"We understand the board of directors is in a position to make this decision solely
without the necessity of a shareholder meeting. Your prompt attention to this matter
will be greatly appreciated.
"The offer is on an all or none basis and we expect that acceptance by the board of
directors would indicate a reasonable assurance that more than 80% of the capital
stock would accept our tendered offer. This offer shall remain valid for three weeks,
until 5:00 p.m. Montreal time, Tuesday, the 1st of September 1998."
The board of directors have voted today to accepted the offer and recommend that the
shareholders vote to accept it also. Since the board alone cannot deliver 80% of the
company a shareholder's meeting will be called. The meeting time and the record date
for share ownership will be set and announced next week.
AR/na*
CONTACT: Investor Relations: (888) 821 6607
Brokers contact: (360) 676 1315
Jeffrey Bruhjell (604) 929-7224
e-mail: jeffreyb@axion.net
Later:Rick
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