Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: jjkirk who wrote (21594)	11/8/2002 5:57:34 PM
From: yard_man	Read Replies (1) of 36161

Isn't this dilution?? DROOY got smacked on a convertible issue. Thing about BGO --this is 2nd time around for them -- had one earlier in the year. Not necessarily bearish, IMO. Have to get into the details ... Also -- might not like them going into Russia for more assets?? >>Each whole warrant will entitle the holder to subscribe for one additional common share at a price of $2.00 for a period of 18 months from closing. The Underwriters will have an option to purchase up to an additional 6,875,000 units at the issue price. The purchase of these additional units will result in gross proceeds of CDN$16 million. Proceeds from this offering will be used for general working capital. <<

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