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Gold/Mining/Energy : KERM'S KORNER

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To: Arnie who wrote (10477)	4/30/1998 8:49:00 PM
From: Herb Duncan	Read Replies (1) of 15196

FINANCING TOP 20 LISTED / Carmanah Completes Financing TSE SYMBOL: CKM APRIL 30, 1998 CALGARY, ALBERTA--Carmanah Resources Ltd. ("CKM" - TSE) announced today it has completed its previously-announced bought-deal financing. The transaction resulted in the issuance of 4 million common shares from treasury at a price of $7.50 per common share for gross proceeds of $30 million. After deducting commission, net proceeds of $28.5 million will be used to repay indebtedness and for working capital to finance an expansion and acceleration of capital spending programs in Indonesia. Carmanah is currently conducting offshore drilling programs at Camar and at Northeast Natuna. Carmanah is a Calgary-based international oil company with three operated properties offshore Indonesia and one non-operated property at Onado, onshore Venezuela. There are now 40.5 million common shares outstanding.

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