I would think the price was forced down to allow the agents to make more wads of money. hopefully that was it. can't see another reason now for the price drop. IR isn't saying or doesn't know.
Elmer
NCE Petrofund Will File a Final Prospectus for up to $74.8 Million - Maximum - Offering
TORONTO--(BUSINESS WIRE)--March 27, 2001--John Driscoll, President of NCE Resources Group, is pleased to announce that NCE Petrofund (AMEX:NCN - news; TSE:NCF.UN. - news) will file a final prospectus relating to a fully marketed, best-efforts offering of trust units. The offering is for up to $74.8 million.
Offering Price
Under the terms of the Offering, the subscription price is $5.50 for each NCE Petrofund unit.
Closing Date
It is anticipated the offering will close on April 3, 2001.
Use of Proceeds
The net proceeds of the Issue will initially be used to reduce NCE Petrofund's credit facility which may thereafter be drawn upon, from time to time, to finance acquisitions of new oil and gas properties, development projects and for general working capital purposes.
Agents
Dundee Securities Corporation, National Bank Financial Inc., Canaccord Capital Corporation, Raymond James Ltd., and Yorkton Securities Inc. are acting as agents in connection with the offering.
NCE Petrofund
NCE Petrofund is an income trust designed to acquire oil and gas properties through the acquisition of oil and gas assets. The resulting cash flow from these properties is distributed to unitholders on a monthly basis.
Trading Information
NCE Petrofund trades on the Toronto Stock Exchange under the symbol NCF.UN. It also trades on the American Stock Exchange under the symbol NCN. The price for NCE Petrofund at market close March 26, 2001 on The Toronto Stock Exchange was CDN$5.62 per unit. The price for NCE Petrofund at market close March 26, 2001 on the American Stock Exchange was US$3.57 per unit.
NCE Resources Group
NCE Petrofund is a member of NCE Resources Group. NCE Resources Group was formed in 1984 as an oil and gas investment management organization. The company has invested or manages the investment of over CDN$1.3 billion on behalf of approximately 60,000 investors. NCE employs approximately 170 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor services.
Note for Investors
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties.
For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. The company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from that which the company currently foresees. Discussion of the various factors that may affect future results is contained in the Company's recent filings with the Securities and Exchange Commission, the Ontario Securities Commission and SEDAR.
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Contact:
NCE Resources
Investor Services (investor enquiries)
Tel: 416/364-9297 or 888/739-4623 |
