FINANCING / Ridgeway Petroleum closes Placement
CALGARY, Feb. 3 /CNW/ - Ridgeway Petroleum Corp. is pleased to report
that 2,566,250 of the 2,600,000 outstanding Common Share Purchase Warrants
issued pursuant to the terms of the Special Warrant Private Placement which
closed on January 30, 1997 were exercised prior to their expiry on February 2,
1998. The exercise of these Warrants has provided the Company with additional
working capital of approximately $2.6 million. The Company now has
approximately 28.8 million Common Shares outstanding and Warrants to purchase
up to an additional 3,120,000 Common Shares at $4.00 per share on or before
May 1, 1998.
The Company is also pleased to announce that the second delineation well
of the current six well program has been spudded on the Company's St. Johns
C0(2)/Helium Project located in eastern Arizona and western New Mexico. These
wells are testing the eastern limits of the field in New Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
J. Bruce Petrie, Chief Financial Officer
Certain statements in this News Release constitute ''forward looking
statements'' within the meaning of the Private Securities Litigations Reform
Act of 1995. Such forward looking statements involve risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Corporation to be materially different from any future results,
performance of achievements expressed or implied by such forward looking
statements. |
