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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Check who wrote (5748)	10/14/1999 9:17:00 AM
From: Check	Respond to of 15703

disclaimer FOR FURTHER INFORMATION PLEASE CONTACT: Elk Point Resources Inc. Mr. Aidan M. Walsh President and Chief Executive Officer (403) 264-1358 (403) 261-8702 (FAX) or Elk Point Resources Inc. Vivian K.L. Truesdale Chief Financial Officer (403) 264-1358 (403) 261-8702 (FAX) NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ELK POINT RESOURCES INC. TSE SYMBOL: ELK OCTOBER 14, 1999 Elk Point Resources Inc. Closes Equity Financing CALGARY, ALBERTA--Elk Point Resources Inc. ("Elk Point") announces that it has closed an issue of 3,300,000 Units at $6.00 per Unit raising gross proceeds of $19.8 million. Each Unit consists of 1.0 Common Share and 0.5 Common Share Purchase Warrants. Each full Common Share Purchase Warrant is exercisable for one Common Share of Elk Point on or before October 13, 2000 at an exercise price of $7.00. The underwriting syndicate was led by CIBC World Markets Inc. and included RBC Dominion Securities Inc., Dundee Securities Corporation, Merrill Lynch Canada Inc., Peters & Co. Limited, ScotiaMcLeod Inc., TD Securities Inc. and Research Capital Corporation. The net proceeds from the issue will be used to fund Elk Point's expanded exploration and development programs in the west central and Peace River Arch areas of Alberta, the Powder River Basin of Wyoming and the San Joaquin Basin of California during the remainder of 1999 and into 2000. Elk Point is a Calgary-based oil and gas company, actively engaged in the exploration, development, acquisition, production and sale of crude oil, natural gas and natural gas liquids in Canada and the United States. The Common Share Purchase Warrants of Elk Point trade on the Toronto Stock Exchange under the symbol "ELK.WT". The Common Shares of Elk Point trade on the Toronto Stock Exchange under the symbol "ELK".