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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (10717)	5/16/1998 1:13:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Newport Petroleum Closes an Issue of Common Shares NEWPORT PETROLEUM CORPORATION TSE SYMBOL: NPP MAY 15, 1998 CALGARY, ALBERTA-- NEWPORT PETROLEUM CORPORATION announces that it has closed its previously-announced issue of 6,000,000 common shares at a price of $6.90 per common share. It has also closed the initial tranche of an issue of flow-through common shares at a price of $7.65 per common share. An aggregate of 1,496,000 flow-through common shares has been issued and the remaining 504,000 will be issued on or before June 18, 1998. Gross proceeds of $52,844,400 have been received today and $3,855,600 will be received on the subsequent closing. The issue was underwritten by a syndicate of underwriters led by Peters & Co. Limited, together with TD Securities Inc., Salman Partners Inc., Goepel McDermid Inc., Nesbitt Burns Inc. and First Marathon Securities Limited. The funds will be used to reduce indebtedness under the Company's bank credit facilities, which will be drawn upon, from time to time, to finance the Company's exploration and development programs in Alberta, Saskatchewan and British Columbia during the remainder of 1998. The Company's indebtedness, subsequent to closing, will be reduced to approximately $80 million.