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Gold/Mining/Energy : DEREK RESOURCES (DRS,V) - HUGE PROVEN OIL RESOURCE
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To: Charles Kalb who wrote (106)5/27/2000 11:58:00 AM
From: Charles Kalb  Read Replies (1) of 114
 
Derek reaches agreement on restructured financing

Derek Resources Corporation DRS
Shares issued 9,681,879 May 26 close $0.53
Fri 26 May 2000 News Release
Mr. Barry Ehrl reports
The company has reached agreement on a restructred financing to fund its
LAK Ranch oil project. The company has agreed to issue up to 17.86 million
units at a price of 42 cents per unit for total proceeds of $7,501,200.
Each unit will consist of one share and one two year share purchase
warrant. Each purchase warrant will entitle the holder to purchase one
additional share at a price of 42 cents in year one and at a price of 48
cents in year two. Finder's fees and commissions will be payable on most of
the above placements subject to regulatory approval.
Previously committed investors Masefield. Ltd., Bateman Engineering Inc.
and others will participate in this restructured financing. The amount of
funding on this restructured financing has been agreed to by the company in
order to ensure that project, contingency and operating capital are all
available to the company.
The LAK Ranch oil project is located about four miles south of Newcastle,
Wyo., and is within the prolific oil producing Powder river basin. The
company expects to commence the drilling and installation of a
demonstration steam assisted gravity drainage (SAGD) well pair and plant at
the LAK Ranch late in June, of this year. Contracts are now being let and
surface preparations are under way.
The above private placements are subject to all regulatory approvals.
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