Arcan Resources Ltd ARNBF

RE: RE: RE: RE: clean house

[nlr2]

If PBN wanted to swing it I think they could. Arcan has $150 million in debt, possibly minus 19 million from divestments but they probably spent it gold plating their desks or something. Then about 170 million in debentures and if they offered $2.50 thats about 260 million there. Petrobakken has 1.1 billion available on there credit line so they could pay for the equity portion of the deal by either issuing shares for cash or a straight equity for equity trade. Then the other $320 million they could use there line to deal with. They would also most likely get a nice increase in there credit line after the deal. The dilution for PBN would be fairly minor and it would give them there third core area. Not saying that they would be keen after there recent brush with debt to take any on but it would be funny if they jumped CPG. Actually with all the infrastructure that Arcan built out PBN could get the keys drill agressively all winter and be in good shape by the spring. Or they could farm in, just something to think about.