News on EQBM today - My one Gold Stock Penny.
Equitable Mining Corp. (EQUITABLE) asset sale to Soma Petroleum Limited (SOMA) results in share dividend
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.
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.
