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Gold/Mining/Energy : United Gunn Resources (UGR.V)
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To: CLK who wrote (32)9/11/1997 9:20:00 PM
From: Veteran98   of 42
 
3.5m unit private placement with EuroGas

United Gunn Resources Ltd UGR
Shares issued 8,546,436 Sep 8 close $1.28
Thu 11 Sept 97 News Release
Mr S. David Anfield reports
The company has entered into a private placement with EuroGas Inc of Salt
Lake City, Utah whereby EuroGas has agreed to purchase 3.5 million units at
$1.50 for a total of $5,250,000. Each unit will consist of one share and a
warrant to purchase an additional share at $1.50 in the first year and
$1.75 in the second year. The private placement is subject to completion of
formal documentation.
EuroGas is a US public company.
The proceeds will be used to finance the 1997/1998 winter program on the
Beaver River gas project in northern BC.
Pursuant to the proposed agreement with the present owners of the Beaver
River project (of which the company is one) for financing the 1997/1998
winter program, the company would earn a 75% working interest before its
payout with current owners retaining a 25% working interest. After the
company achieves payout of its investment the current owners would earn a
75% interim working interest until the payout of their total investment of
approximately US$13 million and thereafter the company would own a 45%
interest after payout and the current owners a 55% interest after payout.
Since the company is one of the current owners, the company's interest in
the project would be:

Before payout 79.1675% interest
Interim payout 37.5025% interest
After payout 54.1685% interest

The formal agreement between the company and the current owners is being
prepared. The private placement is also subject to the formal agreement
between the company and the current owners being in a form acceptable to
EuroGas.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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