All the Strachan sisters now have the bucks to find more gas at Strachan
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: LOON ENERGY INC.
ASE SYMBOL: LEY
JUNE 9, 1998
Loon Announce Financing
CALGARY, ALBERTA--Loon Energy announces that it has sold 927,500
Class C Flow-Through Special Warrants at $0.55 and 166,000 Class D
Special Warrants at $0.50 for total gross proceeds of $593,125. A
total of 83,000 share purchase warrants each entitling the holder
to acquire one common share of Loon for $0.60 until April 30, 1999
will be issued to the investors in the non-flow-through Class D
Special Warrants.
Loon will file a preliminary prospectus to clear the common shares
issuable upon exercise of the Class C and Class D Special
Warrants. Loon expects to file that prospectus within 90 days.
A preliminary prospectus was filed earlier this year to clear for
trading the common shares issuable upon exercise of Class A and
Class B Special Warrants issued to investors in December, 1997.
Loon expects to receive a final receipt for this prospectus prior
to mid-July.
Proceeds of the issue will be used to fund exploration and
development programs of the company including its participation in
Strachan and Carvel. At Strachan, Loon participated for 10
percent BPO (5 percent APO) in a 4,340 metre exploratory well. At
Carvel, Loon will operate the drilling of a test well (33.34
percent) on a gas prospect within the next few months.
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