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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (11141)	6/9/1998 12:52:00 PM
From: Kerm Yerman	Read Replies (1) of 15196

FINANCING - TOP 20 LISTED / Genesis Exploration Equity Offering GENESIS EXPLORATION LTD. ANNOUNCES FINANCING Date: 6/2/98 7:30:13 AM Stock Symbol: GEX Genesis Exploration Ltd. ("Genesis") announced today that it has entered into a financing agreement with a syndicate of underwriters led by Nesbitt Burns Inc. to issue from treasury 2,500,000 flow-through Common Shares at $8.00 per flow-through Common Share for gross proceeds of $20,000,000. Closing is expected to be on or before June 19, 1998. Genesis will renounce to the purchasers of the flow-through Common Shares 100 percent of the subscription proceeds as Canadian Exploration Expense, giving subscribers 100 percent tax deductions for the 1998 tax year. Proceeds from the issue will be used to fund Genesis' ongoing exploration activities. Genesis Exploration Ltd. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. The Company's common shares are listed on The Toronto Stock Exchange under the trading symbol "GEX".

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