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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: Arthur S. Conroy who wrote (4721)	11/6/1997 11:18:00 AM
From: Winston Kim	Respond to of 11888

11/06 11:04 AMERICAN INTERNATIONAL PETROLEUM COMPLETES $10.0 MILLION FINANCING BUSINESS EDIT ( BW)(AMERICAN-INTL-PETROLEUM)(AIPN) American International Petroleum Completes $10.0 Million Financing Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 6, 1997--American International Petroleum Corp. (NASDAQ: AIPN), announced today that it has completed a $10.0 million financing to provide funds for its oil and gas exploration operations in Kazakstan and asphalt operations in Louisiana. The transaction was financed by significant institutional investors in the form of one-year 14% convertible Notes which are redeemable by the company on April 15, 1998. After April 15, 1998 the Notes are convertible according to a set formula. However, if the company's stock exceeds $8.33/share, the Notes may be convertible after Feb. 12, 1998 at $6.25/share. In connection with the placement of the Notes, the company issued three year warrants to purchase approximately 1,700,000 shares of the company's common stock at $6.25 per share. American International Petroleum Corp. is an international exploration and production company engaged in exploration of oil and gas projects in Kazakstan and in refining in Louisiana. --30--tr/ny* bk CONTACT: Wall Street Associates/Millennium Holdings Group Inc.