FINANCING / Gold Star Energy Inc. Announces Closing of Special
Warrants Private Placement
ASE SYMBOL: GSN
JUNE 12, 1998
CALGARY, ALBERTA--Gold Star Energy Inc. ("Gold Star") (GSN - ASE)
is pleased to announce that it has closed the financing announced
March 25, 1998, resulting in gross proceeds raised of
approximately $4,467,000 on the issuance of 12,765,014 Special
Warrants in total. Each Special Warrant will entitle the holder
to one unit without payment of additional consideration, each unit
consisting of one common share and one half of one common share
purchase warrant. Each whole warrant will entitle the holder to
purchase one common share at any time on or before November 20,
1999, at a price of $0.50 per share. The net proceeds of the
offering have and will be used to repay interim financing secured
to complete the acquisition and fund exploitation projects on Gold
Star's concessions in Argentina. The previously announced share
consolidation and name change to "Netherfield Energy Corporation"
will now proceed. Assuming exercise of all outstanding Special
Warrants, there will be approximately 12,251,000 common shares
issued on a post-consolidation basis.
|
