CORP. / Chairman Of Mercantile International Petroleum Increases
Shareholdings In Company
CHAIRMAN INCREASES HIS POSITION IN COMMON SHARES OF MERCANTILE
INTERNATIONAL PETROLEUM INC.
NASSAU, Bahamas, March 30 /CNW/ - Jeffrey M. Waterous, Chairman of
Mercantile International Petroleum Inc. announced the purchase of 1,594,500
common shares of Mercantile on The Toronto Stock Exchange. Together with his
previous holdings of common shares, and assuming the exercise of his warrants
and options, Mr. Waterous would hold 6,737,355 common shares (approximately
14.91%) of the then outstanding common shares of Mercantile, assuming no other
options or warrants were exercised. Mr. Waterous now holds 4,058,785 shares of
Mercantile which is 9.56% of the currently outstanding 42,521,442 shares of
Mercantile.
Mr. Waterous was quoted as saying ''I have never sold a single share, or
exercised a single warrant or option in Mercantile. In fact, I have been
adding to the original position. For further clarification, the previously
announced increase in share ownership resulted from the use of funds that
Mercantile set aside to honour previous agreements made by its board in
satisfaction of the cancellation of existing rights to acquire interests
alongside Mercantile's future acquisitions, and extra time spent on behalf of
the company beyond obligations under retainer agreements, and was not a result
of a cash bonus. The most recent increase in share ownership as disclosed in
this press release is outside of the corporate funding arrangement referred to
above. I have always, and remain, confident in the future of the company.''
Mr. Waterous may acquire additional securities of Mercantile in the
market at any time.
Mercantile is an ''oil exploitation company'' with interests in Peru,
Colombia and Myanmar. The company continues to look for international on-shore
properties where the application of leading edge technologies will allow the
company to recover more oil. Mercantile's common shares are listed on the
Toronto Stock Exchange and traded under the symbol MPT.U., while its
debentures are listed on the Winnipeg Stock Exchange. |
