Elect--based on your previous comments, how does one digest this bit on info.? I cannot understand how this is going to
add to their NET cash position in the near term. Please, show me the light. What am I missing here?
Fri Dec 22, 2000
Centurion Energy Announces a Private Placement with ARC
Financial Corporation
Centurion Energy International Inc. (TSE: CUX) announces it has closed a private
placement with ARC Financial Corporation effective December 22, 2000. Jennings
Capital Inc. acted as Agent for the private placement. The financing of
Cdn$3,000,000 was completed through the issuance of 3,409,091 units at a price
of Cdn$0.88 per unit. Each unit consists of one common share and one-half of one
transferable common share purchase warrant. One common share purchase warrant
entitles the holder to purchase one additional common share at an exercise price of
Cdn$1.20 per common share for a period of three years from the closing date.
Said Arrata, President and CEO of Centurion said, "We are pleased to welcome ARC
Financial Corporation as a new shareholder in Centurion. The ARC group is
respected within the investment community and their investment in Centurion is an
endorsement of the strength of our management team and the focused growth
potential of our operations."
ARC Canadian Energy Venture Fund 2 has subscribed to the private placement and
now holds approximately 5% of the common shares outstanding of Centurion.
The Toronto Stock Exchange has conditionally approved the listing of the common
shares issuable on the private placement subject to the receipt of required
documentation by January 31, 2001.
The proceeds of the issue will be used primarily for working capital and acceleration
of Centurion's exploration and development capital programs in Tunisia and Egypt.
Certain statements in this press release constitute forward-looking statements. The
information in this press release is based on Centurion Energy's current information,
expectations and assumptions, and is subject to a number of uncertainties and risks
that could cause the actual results to differ materially from those anticipated.
For More Information:
Said S. Arrata, President and CEO,
or
Barry W. Swan, Senior Vice President, Finance and CFO
Tel: (403) 263-6002 / Fax: (403) 263-5998
E-mail: info@centurionenergy.com |
