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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies
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To: PuddleGlum who wrote (248)9/7/1999 7:46:00 PM
From: CIMA  Read Replies (1) of 318
 
Pan Ocean to sell seven million shares privately

Pan Ocean Explorations Inc POE
Shares issued 3,031,035 Sep 2 close $0.19
Tue 7 Sept 99 News Release
Mr. Brent Jardin reports
The company has arranged a private placement of 7,000,000 special warrants
at 15 cents per special warrant for the raising of $1.05-million. Each
special warrant is convertible into a unit consisting of one common share
and one share purchase warrant. Each warrant entitles the holder to
purchase another share of the company for a year at a price of 18 cents.
Pan Ocean will use the proceeds of the private placement to finance the
company's 5-per-cent working interest in the Ekho project in the San
Joaquin Valley, Kern County, Calif. The Ekho project is a deep oil and gas>exploration project where Pan Ocean and a consortium of junior companies
are preparing to drill a well to an estimated depth of 18,000 feet. A
finder's fee is payable with respect to the above transaction.


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