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Gold/Mining/Energy : Post Practice For KK - Temporary
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To: Kerm Yerman who wrote ()8/1/1997 10:49:00 AM
From: Herb Duncan   of 122
 
OPTIONS / CARMANAH RESOURCES LTD.

TSE SYMBOL: CKM

AUGUST 1, 1997

Underwriters Exercise Carmanah Over-Allotment Option

CALGARY, ALBERTA--CARMANAH RESOURCES LTD. (CKM - TSE) announced
today that the underwriting syndicate, led by HSBC James Capel
Canada Inc., has exercised an Over-Allotment Option granted in
conjunction with the Company's recent successful public offering
of 9 million common shares from treasury which closed on July 29,
1997.

As a result, Carmanah will issue a further 900,000 common shares
from treasury, also at a price of $5.00 per share, yielding
additional gross proceeds of $4.5 million which will be added to
working capital. Closing of this transaction is expected to occur
on or about August 7, 1997.

Carmanah will have approximately 35 million common shares
outstanding upon the issuance of the Over-Allotment shares. The
Company is debt-free and actively developing its oil and gas
properties in Indonesia, and will shortly commence operations in
Venezuela.
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