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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (13961)12/2/1998 12:20:00 AM
From: Kerm Yerman  Read Replies (4) of 15196
 
FINANCING / Torino Oil & Gas Announces Proposed Private Placement of
Flow Through Securities

CALGARY, Dec. 1 /CNW/ - Torino Oil & Gas Limited proposes to undertake a
private placement of flow through securities. The proposed issue will consist
of a maximum of 2,000,000 units, each unit consisting of one common flow
through share and one warrant to acquire one additional common flow through
share prior to January 1, 2000. Each unit is priced at $.10 per unit and each
warrant will allow the warrant holder to acquire an additional common flow
through share for $.10. This proposed transaction is arm's length in nature
though Shareholders, Directors and Employees of the Company will be offered
the opportunity to participate in the proposed offering. Price of the units
are in excess of current market prices of Torino common shares. The proposed
application is subject to regulatory approval and a formal application will be
filed within 14 days of this press release.
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