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Mill City International Inc. Quick Quote: V.MIY (no quote)
E3 Energy Inc. Announces $3 Million Flow-Through Common Share Financing
11/28/02
CALGARY, ALBERTA, Nov 28, 2002 (CCNMatthews via COMTEX) --
Not for distribution to United States newswire services or for dissemination in the United States.
E3 Energy Inc. (formerly Mill City International Inc.) ("E3") (MIY-TSX Venture) announced today the signing of a term sheet for a "best efforts" private placement of up to 5,000,000 flow-through common shares at a price of $0.60 per share for total gross proceeds of up to $3 million. Directors, officers and other insiders of E3 may participate in the financing for up to $100,000. Griffiths McBurney & Partners will act as agent for the offering and has an option to increase the size of the offering by an additional 1,250,000 shares or up to an additional $750,000. The proceeds from the financing will be used to assist in funding the drilling and seismic programs of E3. Closing of the financing is subject to all applicable regulatory approval, including final TSX Venture Exchange approval of the E3 reorganization, and concurrent completion by E3 of the acquisition of oil and gas properties producing at least 265 boepd.
E3 Energy Inc. (formerly Mill City International Inc.)
Mr. Paul Starnino
President and Chief Executive Officer
(403) 266-6747
(403) 266-6740 (FAX)
NEWS RELEASE TRANSMITTED BY CCNMatthews The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
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