FINANCING / Pyramid Energy extends warrants
PYRAMID ENERGY INC.
CALGARY, Oct. 7 /CNW/ - PYRAMID ENERGY INC. announces that it has
extended the Expiry Dates for the exercise of:
1. Warrants to purchase up to 6,332,915 Common Shares at an exercise
price of 70 cents per share, exercisable on or before October 14, 1998
(the ''Major Transaction Purchase Warrants'') to October 31, 1999, and
2. Warrants to purchase up to 617,500 Common Shares at an exercise price
of 52.63 cents per share, exercisable on or before October 31, 1998
(the ''Canadian Delta Purchase Warrants'') to October 31, 1999.
These extensions have been conditionally approved by the Alberta Stock
Exchange and are subject to the specific condition that the warrants may not
be exercised after the original Expiry Dates unless and until shareholders
holding in the aggregate not less than 50.01% of the issued Common Shares,
excluding shareholders who are also holders of those warrants consent to these
extensions.
The Corporation intends to call a special meeting of shareholders to
approve the resolutions in the near future.
If the resolutions approving the extensions are not passed by the
requisite majority of the shareholders or their written consent cannot be
obtained, the right of holders of the warrants to exercise those warrants will
expire on their respective original Expiry Dates.
In all other respects the purchase warrants remain unamended.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
-30-
For further information: A.D. (Tony) Anton, (403) 531-9027
|
