News release
Distribution under June prospectus closed
Parkcrest Explorations Ltd PKC
Shares issued 11,207,637 Jul 8 close $0.75
Thu 9 Jul 98 News Release
Mr. Robert Lipsett reports
The company has closed distribution under its prospectus dated June 25,1998.
The company has closed various special warrant offerings since August 1997,and these securities have now been qualified pursuant to a prospectus dated June 25, 1998. Pursuant to a final receipt dated June 30, 1998, the company qualified the following securities for distribution in Alberta and B.C.
2,090,000 shares and 2,090,000 regular A warrants issuable upon
exercise of 1,900,000 special A warrants
300,000 shares and 300,000 regular B warrants, issuable upon exercise of 300,000 special B warrants
842,820 shares and 842,820 regular C warrants issuable upon exercise of 766,200 special C warrants
180,000 shares and 180,000 regular D warrants issuable upon exercise of 180,000 special D warrants
110,000 agent's A warrants
1 compensation A option for 5,000 finder's A units
5,000 finder's A units
1 compensation B option for 30,000 finder's B units
30,000 finder's B units
84,282 agent's C warrants
1 compensation D option for 18,000 finder's D units
18,000 finder's D units
The company has also closed distribution of the securities listed above pursuant to its prospectus.
The net proceeds from the closings of the special warrants have been and will be used to meet the company's commitments under its existing agreements with Harken de Colombia. Any additional funds realized will be used for the same purposes and for additional working capital.
After further negotiations, Parkcrest does not plan to exercise its option with Harken de Colombia. This option covered new exploration drilling on the Alcaravan/Miradores prospect.
Parkcrest retains its 25 per cent interest in the Palo Blanco and Anteojos discoveries on the Alcaravan/Miradores prospects.
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