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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (10)	3/2/1998 8:10:00 PM
From: Ciao	Read Replies (1) \| Respond to of 6016

To all: News release today: Global Thermoelectric Inc. announced today that it will file an Amendment to its Prospectus dated January 19, 1998 previously filed with the Alberta and British Columbia Securities Commissions. The Amendment will be filed in response to the market conditions that have been encountered during the marketing of the equity issue described in the Prospectus. The Amendment will result in the offering being changed to a minimum of 2,222,222 and a maximum of 3,333,333 Units at a price of $0.90 per unit for gross proceeds of $2 million to $3 million. Each Unit consists of one common share and one share purchase warrant. The exercise price for the share purchase warrants is $1.05, and they will expire twelve months after final closing. C.M. Oliver & Company Limited will continue to act as agent on behalf of Global for this offering. The net proceeds of the offering will primarily be used to fund Global's new solid oxide fuel cell development program, involving the use of technology transferred from a major German research institute. This technology will serve as the basis for commercial power supply products to be developed by the Corporation. The remaining net proceeds will be used for production enhancement and automation at Global's manufacturing plant and for general corporate purposes.