Portfolio Stock / High Point Resources
High Point Announces Equity Financing
CALGARY, Feb. 28 /CNW/ - High Point Resources Inc. (TSX-V:HPR) announces that today it has entered into a financing agreement with Griffiths McBurney & Partners to issue 5,517,241 common shares at $1.45 each, on a private placement basis, for total gross proceeds of approximately $8,000,000. The underwriters have an option exercisable prior to closing to increase the financing by an additional 2,758,620 common shares at $1.45 each for further gross proceeds of approximately $4,000,000. This issue is subject to normal regulatory approval and closing is expected on or about March 12, 2003.
Proceeds from this offering will be used to fund the corporate ongoing exploration and development activities and for general corporate purposes.
High Point Resources Inc. is a junior oil and gas company engaged in the exploration for, and development and production of natural gas and light oil in Alberta and NE British Columbia.
The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. |
