FINANCING / Patria Resources Ltd.Announces Closing of
Financing
ASE SYMBOL: PT
MARCH 2, 1998
CALGARY, ALBERTA--PATRIA RESOURCES LTD. ("PATRIA") in conjunction
with its Agent CANACCORD CAPITAL CORPORATION ("Canaccord")
announces the closing of the sale of 4,246,000 Common Shares
priced at $0.50 per share for total proceeds to Patria of
$2,123,000.
Proceeds from the sale will be used for exploration and
development activities on Patria's licensed lands in the United
Kingdom, which are comprised of approximately 58,000 acres held
under license EXL 216 in which Patria has a 100 percent working
interest and approximately 100,000 acres of land newly licensed to
Patria under the awards for the eighth round of UK onshore
licensing as announced last week.
This closing is part of the second stage of a public offering by
Patria, the first stage of which comprised the selling of
1,300,000 Flow-Through Common Shares at $.55 per share which
closed in December of 1997. Another 4,004,000 Common Shares at
$.50 per share will be available for sale until the 19th of March
of 1998. |
