KTNV news: "The proceeds will be
used for working capital, and the investors are at arm's length to the Company." <-what the heck does mean?
(COMTEX) B: COTTON VALLEY RESOURCES CORP - Closes Private Placement o
B: COTTON VALLEY RESOURCES CORP - Closes Private Placement of 4,000,000 Units
Toronto, Ontario, Mar. 03, 2000 (Market News Publishing via COMTEX)
-- Cotton Valley Resources Corporation (the "Company") announced that
it has closed a private placement of 4,000,000 units at US$0.15 per
unit. Each unit consists of one common share and one common share
purchase warrant, each warrant exercisable at US$0.18 to acquire one
common share of the Company, until June 15, 2001. The proceeds will be
used for working capital, and the investors are at arm's length to the
Company.
The Company also announced that it has agreed to issue 593,333 common
shares to an investor relations consultant for services rendered to the
Company under a Consulting Agreement made in August, 1999, for
distribution of materials to shareholders and investors.
Following completion of these transactions, the Company has a total of
67,011,054 common shares issued and outstanding. |
