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Gold/Mining/Energy : TYK (VSE) Tanganyika Oil -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (316)	11/6/2000 2:24:35 PM
From: Greywolf	Read Replies (1) \| Respond to of 500

Tanganyika arranges financing, The company has agreed to sell, on a private placement basis, a total of 800,000 units in the capital stock of the company at a price of $2.00 per unit, for gross proceeds of $1.6-million. Each unit shall consist of one common share and one-half of a 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 $2.10 per share. Tche company intends to use the net proceeds from the private placement for the purpose of working capital to finance the impending drilling program on its Mandawa concessions in Tanzania and general corporate purposes. The company holds a 75-per-cent interest and is the operator of the Mandawa project. Energy Africa Tanzania Limited holds the remaining 25 per cent through a farm-out agreement. The company will be eligible to issue the securities under the B.C. Securities Commission SHAIF/BOR No. 98/7. The issuance of the securities is subject to the approval of the regulatory authorities. (Fully diluted number of shares before the above 19,076,866)