Arapaho Capital Corp.
TSX VENTURE : AHO

Arapaho Capital Corp.

May 19, 2006 14:40 ET

Arapaho Capital Corp. Announces Shareholder Approval of an Arrangement and Name Change

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 19, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Arapaho Capital Corp. (the "Company" or "Arapaho") (TSX VENTURE:AHO) announces, further to a press release dated April 21, 2006, that a special meeting of Arapaho shareholders was held on May 19, 2006 (the "Special Meeting"), for the purposes of: (i) approving a statutory arrangement whereby Arapaho will acquire from the shareholders of INXOil (Cyprus) Ltd. ("XOil") all of the issued and outstanding shares of XOil in consideration for the issuance of 42,383,333 common shares of Arapaho, such that XOil will become a wholly-owned subsidiary of Arapaho (the "Arrangement"); and (ii) authorizing the directors of Arapaho to change the name of Arapaho to "XOil Resources Corp." (the "Name Change"). The Arrangement and the Name Change are more particularly described in the notice and management information circular prepared in connection with the Arrangement, copies of which were mailed to shareholders and are available electronically at www.sedar.com.

At the Special Meeting, the Arapaho shareholders approved the Arrangement and the Name Change. However, as the parties to the Arrangement require more time to fulfill the conditions precedent to the completion of the Arrangement, the shareholders have adjourned the Special Meeting. The adjourned meeting will resume at 9:30 a.m. (Vancouver Time) on Thursday, June 15, 2006 at Arapaho's offices, Suite 300, 570 Granville Street, Vancouver, BC, at which time the shareholders will consider the election of a new board of directors.

Completion of the Arrangement is subject to a number of conditions, including TSX Venture Exchange acceptance and shareholder approval. There can be no assurance that the Arrangement will be completed as proposed or at all and no assurance that, even if the Arrangement is completed, the Share Purchase will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of Arapaho should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this press release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Arapaho Capital Corp.
    Brian E. Bayley
    (604) 689-1428
    (604) 681-4692 (FAX)