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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (15118)	2/2/1999 6:01:00 PM
From: Kerm Yerman	Read Replies (7) of 15196

SERVICE SECTOR / Serval Integrated Energy Services Announces $3.25 Million Private Placement CALGARY, Feb. 2 /CNW/ - Serval Integrated Energy Services announced today that it has received subscriptions which will allow it to close a private placement of Subordinated Convertible Debentures totaling $3.25 million, subject to the approval of the Alberta Stock Exchange. Yorkton Securities Inc. acted as agent on behalf of Serval in this transaction. The Subordinated Convertible Debentures are due January 31, 2004, bear interest at 7.5 per cent and are convertible into units of Serval Integrated Energy Services at $3.25 per unit. The proceeds of the debenture will be applied to capital expenditures related to Serval's entry into the coiled tubing drilling market and to working capital. This placement is the second successful financing for Serval in the last month. On January 8, 1999 Serval announced the closing of a $10.4 million sale/leaseback financing with a major U.S.-based financial organization. Serval provides integrated energy services throughout Western Canada. Serval units are listed for trading on the Alberta Stock Exchange under the trading symbol SI.UN. Currently there are 4,778,160 Serval units outstanding.

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