Mark and all: News release.....
Well Mark, it looks like they are uping the stock price for the 10 for 1 split as suggested....too bad. Bring the total stock down with the 10 for 1 split, then dilute it with a pp....stock holders get burned again?! Really, the news release is a copy of previous releases IMO. If you can find a bright spot, I'd appreciate any comments.
Wats
Greenland and Czech Republic still appeal; new board elected
gronArctic Energy Inc GRO
Shares issued 36,295,882 Aug 12 close $0.22
Tue 12 Aug 97 News Release
Mr T.H. Renner reports
The company remains focused on its exploration lands in Greenland and on
the exploration and development opportunity in the Czech Republic. The
company is actively pursuing a farm-in partner to participate in a seismic
acquisition program and the drilling of future wells in Greenland. The
company intends to complete an equity financing of $3.5 million in the
third quarter to develop the existing oil and gas reserves in the Czech
Republic. The equity financing is planned to be coincidental with a 10:1
consolidation of the issued and outstanding stock of the company.
The government of Greenland has recently conducted an AEROMAG survey on the
company's exploration lands to further evaluate the hydrocarbon potential
for the area. Combined with the airborne gravity and magnetic survey
conducted by the company in 1996, the AEROMAG will assist in defining
depocentres and structural highs with the potential for hydrocarbon
generating source rocks and reservoir traps.
At the annual meeting in June, a changed board of directors was elected
comprising D. Axford, J. Burns, C. Hanna, T. Renner and J. Strain. B.
Vogeli remains as corporate secretary.
The company presently has 36,295,882 common shares issued and outstanding.
(c) Copyright 1997 Canjex Publishing Ltd. |
