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Gold/Mining/Energy : Tracer Petroleum (TCXXF) -- Ignore unavailable to you. Want to Upgrade?

To: virginijus poshkus who wrote (573)	4/8/1998 1:24:00 PM
From: Frank J. Zecha	Read Replies (2) \| Respond to of 1261

Tracer Petroleum Corporation: Director Resigns and Consolidation Proposed VANCOUVER, B.C., April 8 /PRNewswire/ -- Tracer Petroleum Corporation (OTC BB:TCXUF - news; Nasdaq: TCXXF;TCXWF)announces that the Board has accepted the resignation of David R. Robinson as a Director. The private placement of US $2.4 million announced March 9, 1998 has not currently been completed as anticipated funds have not been received. Other funding prospects have been proposed to the Company and are being considered to complete the placement within the time frame established by regulation. The Company's financial advisors have advised management to revise its share capital to allow the Company to retain its Nasdaq Small Cap listing. This is also relevant to anticipated future financing of acquisitions such as the Indonesian interests which are currently under option as described in the Company's recent press release. The shareholders will be asked to approve a resolution at our May 22, 1998 Annual General Meeting to consolidate the Company's shares as appropriate. NOTE: The Vancouver Stock Exchange has neither approved nor disapproved the content of this release. SOURCE: Tracer Petroleum Corporation