It was Canacrap who did the financing....
First Star Energy Ltd -
2m unit financing
First Star Energy Ltd
FST
Shares issued 18983832
1998-02-26 close $0.62
Thursday Feb 26 1998
Mr John Squarek reports
The company has entered into a brokered private placement of up to 2,000,000 units of First Star with
Canaccord Capital. Each unit will comprise of one share at $0.65 and one warrant. The warrant will
entitle the holder to purchase an additional share of First Star at $0.85 per share for one year.
Closing of this $1,300,000 issue is expected to take place on or about March 31 1998. First Star expects
to use the proceeds for the purchase of additional P&NG leases, seismic, the re-completion of its
Lochend well, participation in the drilling of its Devonian reef oil play, and participation in the drilling of
an additional gas well in Kentucky.
At Strachan, the ACL et al Strachan 3-22-38-9W5 well, operated by Apache Canada, is at over 1000
metres and drilling ahead, with total depth expected in about 75 days.
In Kentucky, the service rig has been unable to get to the location because of the major weather
problems in the area. The completion, fracture treatment and production testing of this potential gas well
will begin as soon as the weather permits. |
