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Gold/Mining/Energy : Tracer Petroleum (TCXXF)

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To: George C. Grasser who wrote (482)	3/9/1998 2:44:00 PM
From: James Strauss	Read Replies (2) of 1261

George: Tracer Announces Private Placement VANCOUVER, British Columbia, March 9 /PRNewswire/ -- Tracer Petroleum Corporation (OTC BB:TCXUF - news; Nasdaq: TCXXF TCXWF) (Canada: TCP) announces a non-brokered private placement of up to 12 million units at $0.20 US per unit. Each unit consists of one common share and one-half non-transferable common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share for a period of 1 year at $0.25 US per common share. There is a one year bold on securities issued. There is no finders' fee due under the placement. Proceeds will be utilized to expand Indonesian holdings, fund drilling and other exploratory work on the Company's North Tanjung Block located on the Island of Borneo in the provinces of South and Central Kalimantan, Republic of Indonesia and/or for working capital. ''The Placement will be issued in two tranches, the first in an amount up to 9 million units to a group with proven financing and capital raising abilities, and the second in an amount up to 3 million units to a group comprised of management and various associates. The private placement is subject to acceptance by Regulatory authorities. The Company is currently carrying on discussions with a company which has expressed an interest in reviewing the Ngurit gas discovery and planned drilling program which is scheduled to commence in April/May 1998. In addition, various opportunities have been identified which may result in the Company acquiring an interest in currently producing oil and gas properties or ones which have discoveries and are considered to be close to commercialization. No agreements are in place at this time, however a Memorandum of Understanding has been executed which may result in a definitive agreement over the coming months. The subject financing will assist in initiating the Company's plans to significantly expand operations in Southeast Asia. This release contains ''forward looking statements'' as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. SOURCE: Tracer Petroleum Corporation More Quotes and News: Tracer Petroleum Corp (OTC BB:TCXUF - news; Nasdaq:TCXXF - news) Related News Categories: oil/energy Jim

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