Well, since no one's said anything here's some NEWS.
Texas T Resources Inc -
Wilson Creek agreement executed; 2,000,000 special
warrant offering
Texas T Resources Inc
TXT
Shares issued 6667520
1997-12-18 close $0.24
Friday Dec 19 1997
Mr J.F. Marsh reports
The company has executed an agreement whereby it has the right to earn a
working interest in the Wilson Creek area lease, section 34-43-5W5. Under the
terms of the agreement the company will be responsible for paying 100% of the
drilling and abandonment costs attributable to a 66.4% working interest to earn a
total 33.2% working interest after payout. The company will receive 100% of the
revenues from the 66.4% interest up to payout, subject to gross overriding
royalties to third parties. The operator will be providing a notice of farmout to the
remaining interest holder in the Wilson Creek lease with intent to acquiring an
additional percentage working interest which would be subject to the same terms
as the above agreement. This interest holder has a period of 30 days to farmout or
participate in the drilling of the above test well from receipt of notice. The
company hopes to execute further agreements with this interest holder in the next
seven days which will bring their total working interest after payout of the first well
drilled to 50%. Under the terms of the above agreement the company will have
the right to opt to participate in the drilling of further wells.
The company has executed a letter of agreement with Golden Capital Securities
whereby Golden will act as the company's exclusive agent to offer for sale up to
2,000,000 flow through special warrants of the company at $0.25 consisting of
one flow through share and one warrant. Each flow through share will be issued as
fully paid and non-assessable. Two warrants will entitle the holder to purchase one
additional share, exercisable for one year from the date of closing of the offering at
$0.28. Golden, as agent, will receive a fee of 8% of the gross proceeds from the
sale of the special warrants payable in cash or shares at the option of Golden. The
company will also pay Golden a finance fee of $8,750 by the issuance of 35,000
shares at $0.25. Golden will be issued upon closing of the special warrant private
placement without any additional payment, in consideration of the services
provided by Golden, as agent, 200,000 agent's special warrants entitling Golden
to purchase up to 200,000 shares of the company at $0.25. Golden may exercise
its right to purchase the shares under the agents warrant at any time up to the close
of business one year from the date of closing of the offering. The net proceeds
from the issue and sale of the special warrants will be used to finance exploration
and development of the company's Wilson Creek, Alberta oil and gas interest.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
What do you think?
radarluv |
