FINANCING / Canrise Resources completes Special Warrant Prospectus
Canrise Resources Ltd. announced today that it has received receipts from the
Alberta, Manitoba and Ontario securities commissions for a final prospectus,
dated December 9, 1997. The final prospectus qualifies the distribution of
3,000,000 common shares which are issuable upon the exercise of 3,000,000
special warrants sold by the Corporation on October 7, 1997. ScotiaMcLeod
Inc., FirstEnergy Capital Corp. and Peters & Co. Limited acted as
underwriters in connection with the distribution of the Special Warrants.
With the filing of the final prospectus, the gross proceeds from the sale of
the special warrants ($24,000,900) is releasable to the Corporation. Such
proceeds will ultimately be used by the Corporation to fund additional
exploration, development and other capital expenditures and to fund working
capital requirements. Until expenditures are actually incurred, the proceeds
from the sale of the special warrants will be used to reduce existing bank
debt.
Unless previously exercised, all outstanding special warrants will be deemed
to be exercised into common shares of the Corporation on December 17, 1997,
which will increase the total number of issued and outstanding shares of the
Corporation to 17,614,998.
Canrise Resources Ltd. is an Alberta based corporation engaged in the
business of evaluating and acquiring oil and natural gas properties and
exploring for, developing and producing petroleum substances in western
Canada. The common shares of the Corporation trade on the Toronto Stock
Exchange under the symbol "CRE".
FOR FURTHER INFORMATION PLEASE CONTACT:
Peter J. Kurceba, P. Geol.
President and Chief Executive Officer
Toll-free Telephone: 1-888-262-3385
Direct Telephone: (403) 262-0840
Direct Fax: (403) 262-1485
INTERNET ADDRESS: www.canrise.com
OR
David M. Fisher, CA
Vice President, Finance and Chief Financial Officer
Toll-free Telephone: 1-888-262-3385
Direct Telephone: (403) 262-0842
Direct Fax: (403) 262-1485
E-MAIL ADDRESS: dfisher@canrise.com |
