SERVICE SECTOR / Request Seismic Surveys Ltd. Financing
REQUEST SEISMIC SURVEYS LTD. ANNOUNCES COMPLETION OF
SPECIAL WARRANT FINANCING
CALGARY, ALBERTA--
NOT FOR DISSEMINATION IN THE UNITED STATES OF
AMERICA
Mr. Todd Chuckry, President and Chief Executive Officer of
Request Seismic Surveys Ltd. ("Request" or the "Corporation") is
pleased to announce that the Corporation has closed its
previously announced offering of Special Warrants, led by
FirstEnergy Capital Corp. and including Peters & Co. Limited.
Request issued a total of 2,925,000 Special Warrants at a price
of $1.75 per Special Warrant for gross proceeds of $5,118,750,
67% of which proceeds have been released to the Corporation and
the remaining 33% of the proceeds are releasable to the
Corporation upon receiving a receipt for a final prospectus
which qualifies the distribution of common shares underlying the
Special Warrants. Each Special Warrant is exchangeable for one
common share of Request at no additional cost.
The net proceeds from the private placement will be used for the
acquisition of proprietary seismic data in select western
Canadian locations with the main focus targeting deep gas west
of the fifth meridian.
The Corporation is in the business of providing access to
seismic data information to customers within the oil and gas
industry. The Corporation manages the flow of seismic
information for sale purposes on behalf of other companies, acts
as a broker to facilitate the licensing of seismic information
between vendors and purchasers and creates, markets and
supervises the acquisition of new seismic data inventory,
thereby adding to the asset base of the Corporation.
For further information please contact Todd Chuckry, President
and Chief Executive Officer, or Allison Hagen, Chief Financial
Officer, Request Seismic Surveys Ltd., at (403) 531-0250, or
facsimile at (403) 531-0255. www.request.seismic.com
The Alberta Stock Exchange has neither approved or disapproved
of the information contained herein.
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