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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE -- Ignore unavailable to you. Want to Upgrade?

To: j.oil who wrote (612)	11/15/1999 11:42:00 AM
From: j.oil	Read Replies (1) \| Respond to of 864

Attention Business Editors: Scimitar Shareholders Rights Offering Oversubscribed CALGARY, Nov. 15 /CNW/ - Scimitar Hydrocarbons Corporation today announced that its Rights Offering to Shareholders expired ct 5:00 p.m. (Calgary time) on November 10, 1999. The Rights Offering was oversubscribed as holders of rights subscribed for an aggregate 8,881,837 common shares, representing 1,028,708 common shares over the maximum number of 7,783,129 common shares issuable pursuant to the Rights Offering. Net proceeds of approximately $1.47 million will be used to fund capital requirements in respect of Scimitar's development drilling program for the Issaran oilfield project in Egypt. StephenAvenue Securities Inc. managed the solicitation of the exercise of rights. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN -30- For further information: Angus A. Mackenzie, President and Chief Executive Officer, Scimitar Hydrocarbons Corporation, Telephone: (403)543-0333, Fax: (403)543-0334