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Gold/Mining/Energy : first star energy FST on the ASE -- Ignore unavailable to you. Want to Upgrade?

To: Werlick who wrote (752)	4/7/2000 1:27:00 PM
From: kingfisher	Read Replies (1) \| Respond to of 754

First Star arranges financing First Star Energy Ltd FST Shares issued 35,610,634 2000-04-06 close $0.35 Friday Apr 7 2000 Mr. Jim Malcolm reports First Star Energy has entered into agreements for equity financing of approximately $18-million for common shares of First Star. ARC Financial Corp. has agreed to provide $7-million and the Emergo Group has agreed to provide $10-million of this financing. The Emergo Group includes an affiliate of the Southeast Private Investment Fund (U.S.). The remainder will come from a number of smaller investors. The financing will be completed at 25 cents per common share and is subject to final due diligence review and regulatory and shareholder approval. A condition of the ARC and the Emergo Group financing is the removal of the existing shareholder rights plan at the next annual general shareholders' meeting. This financing, in conjunction with drilling partners and First Star's current working capital of approximately $3-million will provide sufficient capital for First Star to complete its planned share of its capital program over the next 16 months. First Star is currently planning an exploratory well drilling program consisting of 12 wells, in addition to exploratory land acquisitions, seismic, geological and geophysical expenditures. In discussing this financing, Jim Malcolm, president and chief executive officer of First Star, said, "We have very carefully laid the foundation of this company over the past eight months; we have built a tremendous team of explorationists; we have defined our target size and the area in which we will explore; we have built a solid business plan, and now with this injection of new equity combined with the appropriate drilling partners, we can advance our business plan." WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)