CORP / Humboldt Capital Corporation Increases its Interest in
Brittany Energy Inc. and Nycan Petroleum Corp.
VSE SYMBOL: HMB
FEBRUARY 16, 1998
CALGARY, ALBERTA--Humboldt Capital Corporation advises that it has
acquired, through a private transaction, 938,000 common shares of
Brittany Energy Inc. and 1,673,235 Class A common shares of Nycan
Petroleum Corp., for a total consideration of $900,000.
The purchase of Brittany shares increases Humboldt's holdings in
Brittany to 2,047,500 common shares and 400,000 special warrants,
convertible into Brittany common shares at no additional cost to
Humboldt.
Mr. R.W. Lamond is Chairman of the Board of Humboldt and holds
approximately 59 percent of the outstanding shares of Humboldt.
Humboldt, together with Mr. Lamond, own 3,682,730 common shares of
Brittany and 600,000 Brittany special warrants. This represents
34 percent of the outstanding shares of Brittany, 33 percent
assuming the conversion of all special warrants.
The purchase of Nycan shares increases Humboldt's holding in Nycan
to 5,710,735 Class A common shares. Humboldt, together with Mr.
Lamond own 6,786,735 Class A common shares, or approximately 20
percent of the outstanding shares of Nycan.
The share acquisitions are for investment purposes and both
Humboldt and Lamond may from time to time increase their
beneficial ownership of shares in the companies, but do not have
any current intention of acquiring any additional shares in either
company.
Humboldt is a venture capital investment company with holdings
primarily in the resource industry. |
