1 For 10 Reverse Split...
CORPORATE NEWS RELEASE ___________
TRACER PETROLEUM CORPORATION NASDAQ Symbol: TCXXF TCXWF Dateline: Vancouver, B.C. Canada VSE Symbol: TCP Date: Friday April 17, 1998 ___________
In accordance with Regulatory requirements, and in relation to the proposed consolidation of the Company's shares as announced on April 8, 1998, management confirms:
a) the proposed consolidation ratio is 10 old shares for one new share;
b) the number of shares currently outstanding is 37,172,054. The number of shares which will be outstanding after the proposed consolidation will be a maximum of 3,717,205. Should the proposed private placement of an addition 12,000,000 shares as announced on March 9 complete, the number of shares which will be outstanding will be 49,172,054 and a maximum of 4,917,205 respectively.
c) two reasons integral in Management's decision to recommend the necessary resolution for shareholders approval:
i) Management believes the consolidation is necessary to enable the Company to maintain its NASDAQ Small Cap listing. NASDAQ has announced new maintenance requirements whereby any company not trading at US $1.00 per share or greater will be delisted. Tracer is currently trading at US $0.15 - US $0.19 and;
ii) the consolidation/Small Cap listing has been identified by financial advisory firms as pre-requisites for any financing proposals to meet the Company's acquisition and drilling plans;
d) the shareholder's meeting to consider the foregoing has been scheduled for May 22, 1998;
e) the consolidation is subject to shareholder approval and acceptance for filling by the Vancouver Stock Exchange;
f) the Company's name will not be changed; and
g) there are no other actual or proposed material changes that have not been previously announced.
On behalf of the Board of, TRACER PETROLEUM CORPORATION
"Ed Mowatt"
E.G. (Ed) Mowatt Chief Financial Officer * The Vancouver Stock Exchange has neither approved nor disapproved the content of this release. *
For more information please contact Mr. Ed Mowatt or Mr. Craig Doctor at the Company's headquarters: TRACER PETROLEUM CORPORATION, Suite #1570-609 Granville St., Vancouver, B.C., V7Y 1G5 Canada Phone: (604) 682-7507 or Fax: (604) 682-0217
Jim |
