Navasota closes $388,000 financing
Navasota Resources Ltd NAV
Shares issued 5,111,378 Jun 18 close $1.65
Mon 21 Jun 99 News Release
Mr. William Sanesh reports
On June 17, the company closed its private placement of units for total gross proceeds of $388,000. Each unit, comprised of one common share and one common share purchase warrant, was sold at a price of 78 cents. Each warrant is exercisable for one common share at a price per share of 78 cents. The warrants expire on June 17, 2000. Navasota will use the proceeds of this offering to repay existing short term debt, expense of the offering and the advancement of projects undertaken by the company. The common shares, warrants and common shares issuable upon exercise of the warrants
are subject to a statutory hold period ending on June 17, 2000.
In early May, 1999, the company learned that it had secured the exclusive right for 3 years to explore for helium and associated gases in east-central Saskatchewan. Navasota had asked for a greater than usual area to be granted. The permits cover 303 square miles in an area where helium gas has been reported in anomalous concentrations from 2 per cent to 89.5 per cent. In the United States, helium production is economic as a
byproduct of natural gas production where it has a helium content as low as 0.3 per cent. The worldwide demand for helium is robust and it is currently priced at over 40 times the present wellhead price of equivalent volumes of natural gas in Canada.
The company is pleased to report that it was featured in the June 14, 1999, issue of The Canadian OnLine Investor as a "high impact resource play - stock spotlight." The Canadian OnLine Investor is published on www.stockreviews.com by CanStock Information Services Corp., one of Canada's largest and most respected independent stock market newsletter publishers. Navasota Resources paid no fee for its inclusion in the
independent newsletter, which reviews a limited number of small Canadian public companies. |
