News............
Monday April 6, 12:02 pm Eastern Time
Company Press Release
American International Petroleum Corporation Agrees To $52 Million In New Financing
No Extension Contemplated For Class A Warrants
NEW YORK--(BUSINESS WIRE)--April 6, 1998-- AMERICAN INTERNATIONAL PETROLEUM CORPORATION (NASDAQ:AIPN - news), today announced that it has signed an agreement with certain institutional investors which will provide it with up to $52 million in private debt and equity financing to be used by the company on an as needed basis over a two year period. Initial funding could start as early as April 20, 1998, pending the execution of definitive documents scheduled for April 15, 1998. Depending on its needs, the company could use a portion or all of the facility.
The company also said that, in response to numerous inquiries regarding its Class A Warrants (trading on NASDAQ NMS under the symbol ''AIPNW''), it currently does not contemplate extending the April 9, 1998 expiration date of such Warrants.
Previously the company announced it will commence operations at St. Marks refinery and product terminal on April 1, 1998. Due to delays encountered in the removal of products owned by the current tenant, the company now believes it will start operations by April 20, 1998.
The above statements are forward-looking, and are based on estimates and current expectations. They involve certain risks and uncertainties detailed from time to time in the company's SEC reports. Actual results may differ materially.
American International Petroleum Corporation is engaged in oil and natural gas exploration in Russia and Kazakstan and refining in Louisiana.
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Contact:
Millennium Holdings Group, Inc./
Wall Street Associates
561/988-2334
www.millenniumholdings.com
E-Mail mhgi@bellsouth.net |
