FINANCING / Thunder Energy Inc. Announces Flow-Through Share Offering
TSE SYMBOL: THY
OCTOBER 7, 1998
CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSE) today announced
its intention, subject to regulatory approval, to sell up to a
maximum of 1,500,000 flow-through common shares of the Company at
an anticipated subscription price of $2.00 per share. The shares
will be issued pursuant to exemptions from the registration and
prospectus requirements of Canadian securities laws. Marketing of
the shares by the Company and its agents will be on a best effort
basis. The Company expects to have one or more closings of the
offering prior to year-end.
Anticipated gross proceeds of $3,000,000 will be used to fund
Thunder's 1998/1999 drilling programs. The Company anticipates
drilling 8 (4 net) wells in the forth quarter and up to 50 (25
net) wells in 1999. Six of the eight wells to be drilled in the
fourth quarter will target natural gas while approximately 65
percent of 1999 program will be natural gas related.
Thunder Energy is a Calgary-based oil and gas exploration company
operating in Alberta. Current production is estimated at 1,000
bopd and 10 mmcfpd. Thunder's shares are traded on the Toronto
Stock Exchange under the trading symbol "THY".
The flow-through common shares have not been and will not be
registered under the United States Securities Act of 1933 and, as
a result, these securities may not be offered or sold within the
United States.
Visit our website at www.thunderenergy.com |
