News Releases:
Date: March 7, 2000 CDNX Trading Symbol: ORL
For Immediate Release
Olympic Resources Ltd. has filed a Form 20-F registration statement with the United States Securities and Exchange Commission to register its common shares with the SEC, pursuant to section 12 of the Securities Exchange Act of 1934 as amended. The purpose of the registration, once accepted, is to qualify the Company as a reporting issuer in the United States.
The SEC filing was initiated to allow Olympic to gain access to the U.S. securities market. A Form 20-F filing is an appropriate and progressive step for the company at this time, and will help our continuing efforts to maximize shareholders' value.
Olympic is principally, at this time, a natural resource company with interests in oil and gas. Company management has commenced a corporate diversification program and is investigating investment opportunities primarily in technology industries with an emphasis on biotechnology.
OLYMPIC resources ltd.
Daryl Pollock, President
March 10 2000
Olympic creates $1-million capital fund; financing
Olympic Resources Ltd ORL
Shares issued 10,654,378 Mar 9 close $1.50
Fri 10 Mar 2000 News Release
Mr. Daryl Pollock reports
Further to its news release in Stockwatch March 6, 2000, Olympic Resources
has commenced due diligence of several investment opportunities to
determine whether these opportunities meet the investment parameters the
company has set out for its corporate diversification program. In this
regard, to finance its diversification program and to encourage the utmost
co-operation of the targets, the company has created a $1-million working
capital fund from its existing reserves representing approximately 25 per
cent of its asset base.
Olympic is principally a natural resource company with interests in oil and
gas, however, the company considers it prudent to maintain a strong working
capital position and therefore has negotiated a broker-sponsored private
placement with Canaccord Capital Corp. providing for the placement of one
million units by Canaccord and the company at $1.20 per unit. Each unit
will consist of one common share of the company and one two-year
non-transferable share purchase warrant entitling the holder to purchase
one additional common share of the company for $1.50. A commission is
payable to Canaccord in connection with the private placement.
The transaction referred to in this news release is subject to its
acceptance for filing by the Canadian Venture Exchange. |
