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Gold/Mining/Energy : Epic EAS.v (formerly Epic ERB.v and Safari SIR.v)
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To: JR. who wrote (3324)7/23/2001 9:28:18 PM
From: JR.  Read Replies (1) of 3335
 
News

Epic arranges private placement

Epic Oil and Gas Ltd
EAS
Shares issued 18,731,706 Jul 19
close $0.09
Mon 23 Jul 2001 News
Release
Mr. Michael Hopley reports
The Canadian Venture Exchange has accepted for filing a joint
venture
agreement and conditionally accepted a convertible debenture
agreement with
Ivory Oils and Minerals Inc. These agreements, the details of
which were
reported in Stockwatch on June 26, 2001, grant Ivory the right to
finance
and participate in up to $500,000 (U.S.) of land
acquisition and
exploration work, including drilling for natural gas in the
Bellingham
basin of northwest Washington State. Through the joint
venture and
financing agreements Ivory will have the opportunity to earn
up to a
50-per-cent interest in the Bellingham basin project.
The land acquisition program to acquire additional oil and gas
leases in
the Bellingham basin has already commenced. The work of
assembling and
interpretation of technical data will start this month and the
company
expects that drilling for commercial quantities of natural gas
will start
before the end of the year.
The company has also arranged a private placement financing of four
million
units at the price of 10 Canadian cents per unit. Each unit will
consist of
one common share in the capital stock of the company and half
of one
non-transferable share purchase warrant. One full warrant will
entitle the
holder to purchase one additional share of the company for a 180-day
period
at a price of 15 Canadian cents. Prior to closing the company
intends to
file an updated annual information form, which would result in a
four-month
hold period under British Columbia securities law for securities
issued in
this financing. The proceeds from this unit financing will be
used to
advance and develop the company's projects in Washington State and
Alberta,
for the generation of other projects, as well as for general
corporate
purposes.
In addition the company has granted, subject to regulatory
approval,
incentive stock options to members of the company's management
for the
purchase of 65,000 shares of the company at 10 Canadian cents.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com

This is beginning to look like a serious attempt at getting some wells drilled. About time!!

Cheers,

JR.
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