FINANCING / TecnoPetrol Announces Offshore Offering
CANADIAN DEALING NETWORK SYMBOL: TPTE.U
DECEMBER 23, 1997
TORONTO, ONTARIO--TecnoPetrol Inc. is pleased to announce that it
signed an engagement letter today with Andino Capital Markets,
Inc. ("ACM"), a Latin American investment banking firm, whereby
ACM agreed to offer up to 10,000,000 Units of TecnoPetrol to
overseas investors at an offering price of US$0.50. Each Unit
will consist of one common share and one-half of a share purchase
warrant. Each whole warrant will be exercisable for one year from
the closing date at an exercise price of US$0.80. The offering is
expected to close by mid-January, 1998, and is subject to all
required corporate approvals.
The net proceeds from the offering will be used for property
payments and to rework existing wells, with the balance earmarked
for general working capital.
TecnoPetrol also announced that, because of current market
conditions, it has decided not to proceed with its previously
announced offering in Canada of 20 million units at US$0.80 a
unit, for which Eagle & Partners Inc. was acting as the
Corporation's agent.
Issued and outstanding shares as of December 19, 1997 - 15,189,167 |
