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Gold/Mining/Energy : Epic EAS.v (formerly Epic ERB.v and Safari SIR.v) -- Ignore unavailable to you. Want to Upgrade?

To: CLK who wrote (3318)	6/26/2001 6:54:54 PM
From: the truth	Read Replies (2) \| Respond to of 3335

Anyone for a drill program? Finally. I don't care how small, it's something. Epic Oil to receive financing for Bellingham project Epic Oil and Gas Ltd EAS Shares issued 18,731,706 Jun 20 close $0.18 Tue 26 Jun 2001 News Release Also Ivory Oils & Minerals Inc (IVY) Mr. Michael Hopley reports Epic Oil and Gas has come to an agreement with Ivory Oils and Minerals to finance up to $500,000 (U.S.) of land acquisition and exploration work in the search for commercial quantities of natural gas in the Bellingham basin of northwest Washington State. Work is to start immediately. Two letters of agreement have been signed with Ivory. The first is a joint venture agreement between Ivory and Epic's two wholly owned U.S. subsidiaries, Safari American Resources Inc. and Rival Resources, Inc. (jointly referred to as Rival), in which Ivory agrees to finance up to $375,000 (U.S.) for exploration work in the Bellingham basin. Concurrently with the joint venture, Epic has agreed to issue a convertible debenture to Ivory for a maximum of $125,000 (U.S.), the proceeds of which will also be used to finance exploration work. The combination of these two financings will earn Ivory a 50-per-cent interest in the Bellingham basin project. Ivory has initially agreed to finance $125,000 (U.S.) to be used to acquire additional mineral leases in the Bellingham basin. This financing will earn Ivory a 12.5-per-cent interest in the project. Ivory will then have the option to finance the next $250,000 (U.S.) for further exploration work including drilling in the Bellingham basin and earn an additional 25-per-cent interest in the project. The convertible debenture financing is for a maximum of two years with interest paid on a quarterly basis, after six months, at the rate of 8 per cent per year. Under the terms of the agreement, Ivory has the option to convert the debenture to common shares of Epic at a price of 10 Canadian cents per share. If the shares of Epic trade at over 25 Canadian cents for a consecutive 15-day period, Epic may force conversion of the debenture into shares of Epic at a price of 10 Canadian cents. If the convertible debenture is converted into shares of Epic then Ivory will earn a further 12.5-per-cent interest, for a total of 50-per-cent interest, in the Bellingham basin project. The agreements with Ivory exclude any interest in Rival's carbon dioxide sequestration environmental technology project. Both agreements are subject to the approval of regulatory authorities. This financing will enable Rival to significantly expand its mineral leasing program, as well as the assembly and interpretation of technical data and the commencement of drilling for shallow natural gas in the Bellingham basin. It is expected that drilling will start before the end of the year.