CORP. / Real Resources Inc To Issue Shares To Fund
REAL RESOURCES TO ISSUE SHARES TO ARC CANADIAN ENERGY VENTURE FUND
CALGARY, April 1 /CNW/ - Real Resources Inc. (''RER'' - TSE) announced
today that ARC Canadian Energy Venture Fund will subscribe for 3,750,000
common shares of Real at $0.80 per share in a private placement aggregating
$3,000,000. ARC's subscription will represent approximately 10% of the issued
share capital of Real. The agreement is subject to definitive documentation
and regulatory approval.
Lowell E. Jackson, President and C.E.O. of Real, said ''Real has an
extensive inventory of drilling prospects and the Company is now well funded
to take advantage of these opportunities.''
Real Resources presently has production of 1600 boepd the majority of
which is produced from the Company's core areas located in Evi, Sounding Lake
and Hays in Alberta as well as southeastern Saskatchewan. Real's land holdings
consist of 151,000 gross (64,000 net) acres located in Manitoba, Saskatchewan
and Alberta.
Real will hold its Annual General Meeting on May 21, 1998 in Calgary. At
that time, the shareholders will be asked to approve a change of name to
Castle Bay Resources Ltd. |
