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Gold/Mining/Energy : IMARK Corporation (IAK was Durkin Hayes DHP)
IAK 70.79-0.1%Nov 15 4:00 PM EST

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To: Pierre J. LeBel who wrote (14)3/19/1998 2:52:00 PM
From: DANIEL  Read Replies (1) of 57
 
I tried contacting Don Mathewson to try and find out when earnings will be released but I have yet to hear back from him. It is obviously a concern that the year end results have not yet been issued. One possible explanantion is that the company switched auditors a few months ago (itself not a good signal) and it may, therefore, be taking them a longer time to complete the audited statements.

On a more positive note, you may have seen the following release today:

disclaimer

FOR FURTHER INFORMATION PLEASE CONTACT:
Algonquin Mercantile Corporation
Winston R. Ash
(905) 841-4473
(905) 841-2714 (FAX)

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

FOR: ALGONQUIN MERCANTILE CORPORATION

TSE SYMBOL: AM

MARCH 19, 1998

Algonquin Mercantile Announces the Completion of Its Deal
to Sell One Half of Its Interest in Durkin Hayes
Publishing Ltd.

TORONTO, ONTARIO--Algonquin Mercantile Corporation ("Algonquin")
announces that it has closed its previously announced deal to sell
4,750,000 Common Shares of Durkin Hayes Publishing Ltd., resulting
in proceeds to Algonquin of approximately $3 million.

-30-

This news, while expected, is good for two reasons. First, it is good to see that the deal did not fall apart and that there is now a party who is in a position to make a bid for DHP. Second, the fact that the deal closed (and I was not aware that it had not yet closed) will require the purchaser to file a notice with the OSC which will disclose their identity and potentially their intentions i.e. for investment purposes or control purposes etc.(although it may be possible to contact AM to find out the buyer's identity).

Finally, it was good to see Midland pick up a 100,000 shares in one swoop this afternoon and driving the price up eight cents.

Lets hope something happens soon.

DANIEL
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