FINANCING - SPEC 20 LISTED / CanBaikal Resources Special Warrant Offering
CANBAIKAL ANNOUNCES SPECIAL WARRANT OFFERING
CALGARY, April 1 /CNW/ - CanBaikal Resources Inc. (CBQ.ASE) today
announced that Jennings Capital Inc. will act as agent on a best efforts
basis, to issue, by way of private placement, up to 10,000,000 Special
Warrants at a price of $1.00 per Special Warrant for gross proceeds of up to
$10,000,000. Each Special Warrant will be exchangeable, at no additional
cost, into one Unit consisting of one common share of the Company and one-half
of a common share purchase warrant. On or before April 30, 2000, holders will
be entitled to exchange one full common share purchase warrant plus $1.75 for
one additional common share of the Company.
The net proceeds from the offering will be used to fund the Company's
exploitation of its existing Block 146V in the Khanty-Mansiysk region of
Russia and for working capital.
The transaction is subject to certain conditions, including the receipt
of all necessary regulatory approvals.
CanBaikal Resources Inc. is a junior natural resources company which
explores for and develops oil and gas properties in Russia. The Company has
its head office in Calgary, Alberta and a field office in the City of
Nefteyugansk, Province of Khanty-Mansiysk. |
