News for TAXI
American International Petroleum Completes $10.0 Million Financing
BusinessWire, Thursday, November 06, 1997 at 11:22
NEW YORK--(BUSINESS WIRE)--Nov. 6, 1997--American International
Petroleum Corp. (NASDAQ:AIPN), announced today that it has
completed a $10.0 million financing to provide funds for its oil and
gas exploration operations in Kazakstan and asphalt operations in
Louisiana.
The transaction was financed by significant institutional
investors in the form of one-year 14% convertible Notes which are
redeemable by the company on April 15, 1998. After April 15, 1998
the Notes are convertible according to a set formula. However, if
the company's stock exceeds $8.33/share, the Notes may be
convertible after Feb. 12, 1998 at $6.25/share. In connection with
the placement of the Notes, the company issued three year warrants
to purchase approximately 1,700,000 shares of the company's common
stock at $6.25 per share.
American International Petroleum Corp. is an international
exploration and production company engaged in exploration of oil and
gas projects in Kazakstan and in refining in Louisiana.
CONTACT: Wall Street Associates/Millennium Holdings Group Inc.
561/988-2334
KEYWORD: NEW YORK LOUISIANA
INDUSTRY KEYWORD: OIL/GAS ENERGY MINING
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