FINANCING / Calahoo Petroleum-Receipt for Prospectus Common Shares
Calahoo Petroleum Ltd. ("Calahoo") (ASE trading symbol "CLX"), wishes to
announce that it has received receipts for its final prospectus dated
November 18, 1997 (the "Prospectus") from the securities commissions in each
of the Provinces of Alberta, British Columbia, Manitoba and Ontario. The
Prospectus clears for distribution 19,000,000 Common Shares issuable upon the
exercise or deemed exercise of 19,000,000 special warrants of Calahoo which
were sold via a private placement that closed on September 23, 1997. Through
the issuance of the above-referenced receipts Calahoo has attained "reporting
issuer" status (as defined in the applicable securities legislation) in
British Columbia, Manitoba and Ontario.
Calahoo received $14,905,275 (plus interest) of the funds from the offering
to close its acquisition from Gulf Canada Resources Limited of certain
properties and assets in the Haro and Boyer areas of northwestern Alberta on
November 7, 1997. Calahoo expects to receive the balance of the funds,
$5,044,225 (plus interest) within the next couple of days which will be
applied against the Company's operating line of credit.
For more information, please contact Michael O'Hara, President, or Pat
Oliver, Controller of Calahoo Petroleum Ltd., Suite 400, 407 - 2nd Street
S.W., Calgary, Alberta T2P 2Y3 (403) 237-8688. |
