Shamrock completes private placement
Shamrock Resources Inc SHJ
Shares issued 11,061,200 Oct 14 close $0.40
Fri 15 Oct 99 News Release
Mr. Robert Brady reports
Further to news in Stockwatch July 26, 1999, the company has completed the
private placement with Albatross Oil & Gas Company of 5.4 million special
warrants at 25 cents per special warrant. Each special warrant is
convertible into a unit, with each unit consisting of one common share and
one share purchase warrant entitling the purchaser to acquire a further
common share for a period of two years at a price of 25 cents in the first
year and 30 cents in the second year. The transaction has now been approved
by the Vancouver Stock Exchange, and the securities issued will be held in
escrow pending formal approval of the transaction by the shareholders of
Shamrock.
Funds received from the private placement will be used to complete the
costs of the company's participation in its Lost Hills and Oro Fino
projects, and for continuing costs of the Forum prospect. Shamrock now
holds working interests in three high-potential oil and gas projects in the
state of California.
The second well in the Berkley Petroleum group's program, which is
approximately 2 1/2 miles north of the original well, which blew out last
November, and approximately one mile from Shamrock's Lost Hills Temblor
prospect, is currently drilling ahead toward a projected depth of 18,000 to
20,000 feet. This well is expected to reach target depth sometime in
December.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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