FINANCING / Meridian Energy Corporation - Private Placement
ASE, VSE SYMBOL: MDG
DECEMBER 31, 1996
CALGARY, ALBERTA--Meridian Energy Corporation (the "Company") is
pleased to announce that it has completed the second and final
closing of its brokered private placement announced on November
14, 1996. A total of 1045 Units at a price of $500.00 per Unit
were subscribed for representing aggregate gross subscription
proceeds of $522,500. Each Unit consists of 1,250 Class A Common
Shares (the "Common Shares"), of which 1,125 Common Shares will be
flow-through shares (the "Flow-Through Shares") by virtue of the
Company's agreement to incur and renounce to the subscribers
certain Canadian exploration expenses (as defined in the Income
Tax Act) in respect thereof.
The Company is also pleased to announce the closing of the MEC
Land Fund Limited Partnership (the "Land Fund") with an initial
capitalization of $380,000. The proceeds of the Land Fund will be
used primarily to acquire undeveloped petroleum and natural gas
rights at Crown land sales. The Crown land parcels acquired will
be explored and developed by the Company on farmout terms pursuant
to the terms of a joint venture agreement entered into between the
Land Fund and the Company. Meridian Energy Corporation will be
the general partner of the Land Fund.
For more information, contact Fred R. Thompson, President of the
Company, at (403) 531-1690 or Norris Morgan, Secretary of the
Company at (604) 681-4733.
ON BEHALF OF THE BOARD OF DIRECTORS OF
MERIDIAN ENERGY CORPORATION
Fred R. Thompson, P. Eng., President
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