Press Release Source: Equitable Mining Corp.
Equitable Mining Corp. (EQUITABLE) asset sale to Soma Petroleum Limited (SOMA) results in share dividend
Monday November 13, 1:53 pm ET
CHEYENNE, WY, Nov. 13 /PRNewswire-FirstCall/ - Equitable Mining Corp. (EQUITABLE), a resource company trading as EQBL on PinkSheets.com and E5W on the Frankfurt Exchange, is selling assets to Soma Petroleum Limited (SOMA) an oil and gas resource company in exchange for SOMA shares.
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This is being done to enable EQUITABLE to partner with SOMA in joint ventures worldwide. SOMA has far reaching connections and partnerships in the African market. EQUITABLE is selling fifty percent of its oil and gas leaseholds in Somaliland (East Africa) in exchange for cash and marketable securities.
The company, will in turn, issue as a dividend the shares it owns in SOMA to EQUITABLE shareholders on record as of November 24, 2006. The shares will be distributed as a special unit containing one share of SOMA and a warrant to purchase an additional share at $0.78 USD for every fifty shares of EQUITABLE. The warrant has an expiry date of December 24, 2006.
Details on the dividend transfer and the warrant issue will be released later this week.
"This transaction will allow EQUITABLE shareholders to realize value in the company's assets," said Mr. Lawrence Skolnik, EQUITABLE President.
About EQUITABLE
Equitable Mining Corporation is a rapidly expanding company focused on acquiring, exploring, developing and extracting mineral rights worldwide. Projects include the Bonanza Property in Canada's high-yield Red Lake Gold Camp, an acquisition in progress in Colombia, a memorandum of understanding for a precious metals mine in China, and ongoing acquisition programs in mineral-rich areas of North America, South America and Australasia. The company is leveraging its deep industry expertise and extensive contacts to recruit mining industry veterans and expand its search for quality gold and other precious metals-bearing properties in the Americas and Australasia. For more information visit www.equitablelifeinvestments.com.
About SOMA PETROLEUM
SOMA is a US registered corporation that has interests in old and gas projects in the Horn of Africa. It has partnered with leading resources developers including Inter-Continental Petroleum Co. Ltd (ICPC), a China-based oil and gas exploration company. ICPC has an extensive international track record in oil and gas. www.somapetroleum.com
Information presented in this newsletter contain "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "projects", "foresee", "expects'", "will," "anticipates," "estimates," "believes," "understands" or that by statements indicating certain actions "may," "could," or "might" occur.
Source: Equitable Mining Corp.
