FINANCING / Algonquin Petroleum Completes Private Placement
ASE SYMBOL: AGQ
DECEMBER 23, 1997
CALGARY, ALBERTA--Algonquin Petroleum Corporation (ASE - AGQ)
announces that it has completed its previously announced private
placement of 3,450,000 "Flow Through" shares at a price of $0.155
per share. Total proceeds were $534,750. Sayer Securities Ltd.,
of Calgary arranged the sale of 3 million of the shares to
EnerVest FTS Limited Partnership 1997, (855,000 shares), EnerVest
FTS Fund (97-2), (645,000 shares), EnerVest FTS Fund (97-4),
(750,000 shares), and EnerVest FTS 1997-1 Limited Partnership,
(750,000 shares).
The proceeds will be used primarily to fund the Corporation's
exploration program in Ontario and the Great Lakes. |
