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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14777)1/12/1999 9:31:00 PM
From: Kerm Yerman  Read Replies (6) of 15196
 
FINANCING / Tanganyika Oil Announces Completion Of Private Placement
Of Units

VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the
"Company") announces that it has completed a private placement of
500,000 units in the capital stock of the Company at a price of
$0.75 Cdn. per unit, for gross proceeds of $375,000 Cdn. Each
unit will consist of one common share and one-half of one
non-transferable share purchase warrant. Each whole warrant will
entitle the holders thereof to purchase an additional one common
share in the capital stock of the Company at any time over a two
year period, at a price of CDN$0.75 per share, if exercised during
the first year or, at a price of CDN$0.87 per share, if exercised
during the second year. The Company has received regulatory
acceptance of the private placement and the units have now been
issued to the investors.

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