Penn Octane Corp (POCC) Message Board

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Microcap & Penny Stocks : Penn Octane Corp (POCC)

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To: David L. Dennis who wrote (34)	10/22/1997 12:33:00 PM
From: guy spector	of 45

Dow Jones Newswires -- October 22, 1997 Penn Octane Plans To File For Common Stock Offering REDWOOD CITY, Calif. (Dow Jones)--Penn Octane Corp. (POCC) may file with the Securities and Exchange Commission for a public offering of its common shares, subject to market conditions. In a press release Tuesday, Penn Octane said it will file for the public offering before the end of the fourth quarter, but any adverse changes in market conditions or general econmic factors might result in the delay or abandonment of its plan. The offering would be an underwritten primary and secondary offering. Seperately, the company said it completed a $1.5 million private placement consisting of promissory notes and warrants to purchase 250,000 common shares at the exercise price of $6. Penn Octane, a propane gas and propylene supplier, will use proceeds from the offering and placement to retire debt, make capital improvements and for general corporate purposes, it said.

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