ENERGY TRUSTS / Apollo Gas Income Fund enters Underwriting Agreement
Apollo Gas Income Fund announced today that it has entered into an
underwriting agreement with HSBC Securities, Nesbitt Burns Inc. and TD
Securities Inc. providing for the sale by the Fund of 4,150,000 Units at
$10.00 per Unit payable in two instalments. The first instalment of $6.00 per
Unit is payable on closing. The second instalment of $4.00 per Unit is
payable in May 1999. Closing is anticipated to occur on May 7, 1998. A final
prospectus is being filed today in all provinces of Canada in respect of the
offering.
The proceeds of the offering will be used to purchase, through a wholly-owned
subsidiary of Fund, the direct natural gas purchase business of Enershare
Technology Corporation. Enershare, through a subsidiary, will be the manager
of the business and continue to hold an approximately 10% interest.
For further information, contact David Shapira, Executive Vice-President and
Chief Financial Officer of Enershare Management Inc., the Fund manager, at
(416) 638-9317. |
