Hi Mark: NEWS RELEASE TODAY
Not sure if you've sold your position - for your sake I hope you have!!! Otherwise it's too late now IMO. The news release is exactly what I predicted. A 10-1 stock split down to 3.5 million shares FOLLOWED by a 5.5 million pp!!!! What a joke!! That's the equivalent of having 35,000,000 shares and having a 55,000,000 share pp...absolutely pathetic IMO. I only wish I had gotten rid of my measely shares in this company. Screwed again I guess..... Comments?
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5.5m share offering
gronArctic Energy Inc GRO
Shares issued 36,295,882 Oct 3 close $0.14
Mon 6 Oct 97 News Release
Mr T.H. Renner reports
The company has signed an agreement with Yorkton Securities to act as
exclusive financial advisers to the company for a prospectus offering of
approximately 5.5 million shares at $1.00 on a post consolidation basis.
The prospectus will be filed in Ontario, Manitoba, Saskatchewan, Alberta
and BC.
The equity financing will be used to develop existing oil and gas reserves
in the Czech Republic and actively pursue a farm-in partner to participate
in a seismic acquisition program and the drilling of future wells in
Greenland.
The company has set a record date of October 17 1997 and a special meeting
date in November to approve the special resolution authorizing a
consolidation of the outstanding shares of the company on a one for ten
basis. The company anticipates filing articles of amendment to give effect
to the consolidation after the special meeting date pending receipt of all
necessary regulatory approvals. The company presently has 36,295,882 common
shares and 1,538,462 preferred shares series 1 outstanding. After giving
effect to the consolidation and converting the preferred shares, there will
be 3,793,434 shares outstanding.
(c) Copyright 1997 Canjex Publishing Ltd. |
