FINANCING / Real Resources Inc. Private Placement
REAL RESOURCES INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
CALGARY, Oct. 1 /CNW/ - Lowell E. Jackson, President and Chief Executive
Officer of Real Resources Inc. (''Real'') is pleased to announce the closing
today of its private placement of 2,500,000 Units to ARC Canadian Energy
Venture Fund. Each Unit is comprised of one Common Share and one-half a
Warrant in the capital of Real, both of which were issued on closing. Each
whole Warrant entitles the holder to acquire one Common Share of Real for
$1.00. The Warrants expire on September 15, 2001.
The private placement was pursuant to a financing proposal dated
September 16, 1998 between Real and ARC Financial Corporation (''ARC''). The
Units were priced at $0.85 for aggregate proceeds to Real of $2,125,000.
Pursuant to an Agency Agreement between Real and ARC, ARC received $106,250 on
closing as its selling fee with respect to the Units.
Mr. Jackson said, ''In spite of the downturn in global markets, Real
continues to raise equity capital on attractive terms and conditions,
highlighting once again the ongoing confidence of the investment community in
Real''. The proceeds of this private placement will be used to accelerate
Real's exploration program. |
