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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (10346)	4/24/1998 11:12:00 PM
From: Kerm Yerman	of 15196

FINANCING / Newport Petroleum Done Deal For $56.7 Million NEWPORT PETROLEUM CORPORATION TSE SYMBOL: NPP APRIL 24, 1998 Newport Petroleum Corporation Enters Into Agreement CALGARY, ALBERTA-- NEWPORT PETROLEUM CORPORATION announces that it has entered into an agreement with a syndicate of investment dealers under which the syndicate has agreed to purchase 6 million common shares of the Company at the price of $6.90 per share and 2 million flow-through common shares of the Company at the price of $7.65 per share. The gross proceeds of the offering will be $56,700,000. The offering is scheduled to close on or about May 15, 1998. The net proceeds of the offering will be used to fund the Company's ongoing exploration and development program. Until required for capital expenditures, the net proceeds will be used to reduce indebtedness. The common shares will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

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