Hi Check,
Here's the release from Canada-Stockwatch:
Friday Jul 9 1999
Mr. Donald Busby reports
Further to news in Stockwatch regarding the company's financing activities the company has now submitted to the Vancouver Stock Exchange final documentation for the issuance of 5,375,250 special warrants at a price of 80 cents per special warrant to raise gross proceeds of $4,300,200. Each special warrant shall convert, for no additional consideration, into one unit consisting of one common share and one share purchase warrant. Two warrants entitle the holder to purchase one additional common share at a price of 88 cents per share
in the first year and at 97 cents per share in year two. Subject to receipt of all necessary regulatory approvals it is proposed that the share purchase warrants will be listed for trading on the VSE.
In June, 1999, the company filed, with the British Columbia Securities Commission, an annual information form. The filing of this AIF can reduce the hold period on financings to four months.
Upon receipt of regulatory approvals and closing of the above financing the company will also complete its property acquisition agreements with Hilton Petroleum Ltd., pay final amounts due and issue 1,160,000 common shares, subject to a four month hold period.
The company has now received an independent engineering report on the
Kathleen Ann reef field located in Wilson County, Tex. The company has agreed to acquire this waterflood project through the issuance of one million common shares of which 750,000 will be held in escrow subject to achieving cash flow of $1.6-million (U.S.). The company is now in a position to proceed with its filings with regulatory authorities to complete this acquisition.
(c) Copyright 1999 Canjex Publishing Ltd.
Hope you have a great week!
Dave |
