FINANCING / TUSK Arranges Financing
TSE SYMBOL: TKE
JUNE 9, 1998
CALGARY, ALBERTA--TUSK Energy Inc. announces that it has entered
into agreements, subject to regulatory approval, for the issue of
an aggregate of 830,200 flow-through common shares at an average
issue price of $2.09 and the issue of 300,000 units, each unit
comprising one common share and one-half of one common share
purchase warrant at an issue price of $1.95. The total amount
raised by TUSK is $2,316,440. A total of 150,000 common share
purchase warrants will be issued to the investors in the
non-flow-through common shares, each entitling the holder to
acquire one common share of TUSK until June 9, 1999 for $2.25.
All of the shares to be issued in this financing will be subject
to a hold period of 12 months.
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