FINANCING / Patria Resources Closes Flow Through Share
Offering & Announces Drilling Intentions
PATRIA RESOURCES LTD.
ASE SYMBOL: PT
JANUARY 5, 1998
Patria Announces the Closing of Flow-Through Offering
CALGARY, ALBERTA--PATRIA RESOURCES LTD. ("Patria") in conjunction
with its Agent CANACCORD CAPITAL CORPORATION ("Canaccord")
announces the completion of the sale of 1,300,000 Flow-Through
Common Shares priced at $0.55 per share for gross proceeds to
Patria of $715,000.
Proceeds from the Flow-Through Common Shares will be used to
explore for natural gas on Patria's property in Medicine Hat,
Alberta, with expenditures to be fully renounced to the
shareholders.
This closing completes the first stage of a public offering by
Patria, the second stage of which is the sale of 4,950,000
($2,475,000) minimum and 8,250,000 ($4,125,000) maximum Common
Shares priced at $0.50 per share on a best efforts basis by
Canaccord on behalf of Patria.
Proceeds from the Common Shares will be used to explore and
develop lands held by Patria in the United Kingdom, held under EXL
216 100 percent working interest by Patria. Patria has submitted
an application to the United Kingdom Department of Trade and
Industry to acquire additional lands surrounding EXL 216. If
successful, a portion of the funds raised will be used to explore
the newly acquired land. |
