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

To: SofaSpud who wrote (11319)	6/18/1998 9:34:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Newalta Acquires Oilfield Waste Management Facilities TSE SYMBOL: NAL JUNE 18, 1998 CALGARY, ALBERTA--NEWALTA CORPORATION (NA - TSE) announces that it has signed an agreement to purchase oilfield waste management facilities in Drayton Valley and Zama, Alberta from Byram Industrial Services Ltd. These are well managed, established and profitable operations with distinct market positions which complement the Company's network of facilities in Western Canada. Management expects integration of these operations to be complete by year-end. Additional services will be introduced at these facilities in 1999. The acquired operations are expected to increase revenues by approximately $10 million and have an immediate positive impact on earnings. The acquisition will be funded from the Company's credit facility and closing is anticipated on July 31st, 1998, subject to regulatory approvals and due diligence. Newalta is western Canadian waste management company.

To: SofaSpud who wrote (11319)	6/18/1998 9:35:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / First Premium Oil & Gas Income Trust Declares Income Distribution TSE, ME SYMBOL: FPG.UN JUNE 18, 1998 TORONTO, ONTARIO--First Premium Oil & Gas Income Trust has declared a quarterly income distribution of C$0.1875 per Unit payable June 30, 1998 to holders of record on such date. First Premium Oil & Gas Income Trust's investment objectives are to provide Unitholders with a stable stream of quarterly distributions of at least $ 0.1875 per Unit. The Trust intends to achieve its investment objectives by investing in a diversified portfolio consisting primarily of common shares issued by corporations that are included in the TSE 300 Oil & Gas Sub-Index and up to 20 percent of the cost amount of its assets in common shares issued by corporations that are included in the Standard & Poor's 500 Oil & Gas Sub-Index. In either case, in order to generate returns above the dividend income generated by the portfolio, the Trust will write covered call options in respect of all or part of the securities in the portfolio. The Trust's investment portfolio is managed by it's investment manager, Mulvihill Capital Management. Trust Units are listed on The Toronto Stock Exchange and The Montreal Exchange under the symbol FPG.un. /T/ Distribution Details: - Distribution per Unit: $ 0.1875 - Payable Date: June 30, 1998 - Record Date: June 30, 1998 - Ex-Dividend Date: June 26, 1998 /T/

To: SofaSpud who wrote (11319)	6/18/1998 9:37:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / Pioneer Announces Exploration & Production Agreement with Republic of South Africa, Successful NYSE, TSE SYMBOL: PXD JUNE 18, 1998 DALLAS, TEXAS--Pioneer Natural Resources Company ("Pioneer") (NYSE-PXD) (TSE-PXD) announced today the approval of a petroleum exploration and production agreement with the Republic of South Africa and the successful testing of Pioneer's first exploration well in the venture. A March 27, 1998 participation agreement entered into between SOEKOR E and P (PTY) LTD ("SOEKOR"), the South African national oil company, and the South African subsidiary of Pioneer was approved today in Pretoria by Dr. Penuell Maduna, South Africa's Minister of Minerals and Energy. The agreement permits Pioneer to join with SOEKOR in exploration and production activities over areas covering approximately 3.5 million acres in Block 9, located offshore the south coast of South Africa in the Bredasdorp Basin. Block 9, which has a total area in excess of five million acres, has water depths generally less than 650 feet. It has commercial oil production from the Oribi Field (up to 25,000 barrels per day from two wells) and gas production from the F-A Field (about 190 million cubic feet per day). Pioneer will earn a 49 percent working interest and be the operator for two sub-blocks totaling three million acres that include the southern and western portions of Block 9. In addition, by joining SOEKOR in the drilling of one well in each of eight discreet sub-blocks that have a combined area of about 500,000 acres, Pioneer will also earn working interests that vary from 20 percent to 40 percent in those sub-blocks. The first SOEKOR-operated well under this agreement ("E-BD3"), encountered a gross pay interval of approximately 92 feet at a depth of 8,547 feet. A 75-foot thickness of this interval tested at a rate of 5,980 barrels of 40 degree API gravity oil per day and 3.6 million cubic feet of gas per day through a 3/4 inch choke. The well was completed and suspended pending field development. The drilling of this well has earned Pioneer a 35 percent working interest in the E-BD accumulation, including the E-BD1 discovery well, which tested oil at a rate of 8,525 barrels per day. In addition, Pioneer has earned 25 percent of the nearby E-CE accumulation, which tested oil at rates of up to 6,021 barrels per day from the best of three successful wells. SOEKOR is currently evaluating a second exploration test well ("E-DC1"), in which Pioneer holds a 40 percent working interest. This well is located about 35 miles south and east of E-BD3 in a separate sub-block. During the 1998 drilling program, Pioneer expects to participate in a total of five to six wells to be drilled by SOEKOR within several sub-blocks. In addition, during 1999, Pioneer plans to drill one or more exploration tests within the areas it operates. Pioneer and SOEKOR have completed negotiations on a single petroleum agreement that will include former Blocks 10, 11A, 12A, 13A/B and 14A/B and cover approximately ten million acres east and west of Block 9. Trap types, source rocks, reservoirs and seals in this area are very similar to those responsible for oil and gas production in Block 9. Signing and Ministerial approval of this agreement are expected by early August. Scott Sheffield stated, "One of the motivations behind Pioneer's formation less than a year ago was to gain the resources to access high-quality exploration and production opportunities on a worldwide basis. With this agreement, we have secured such an opportunity under favorable terms, and in a country that is actively seeking foreign investment. We look forward to a long and mutually rewarding relationship with Minister Maduna, SOEKOR and the people of South Africa." Mel Fischer, Executive Vice President of Worldwide Exploration, stated, "We are very pleased to be collaborating with SOEKOR in the Block 9 area. SOEKOR has already established commercial oil production on this block and has verified the presence of all the geological elements needed to establish substantial additional production. I am confident that our future exploration programs will result in a number of new commercial discoveries." Headquartered in Dallas, Pioneer is one of the largest independent (non-integrated) exploration and production oil and gas companies in North America, with major operations in the United States, Canada, Argentina and now South Africa. Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of Pioneer Natural Resources Company, are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.

To: SofaSpud who wrote (11319)	6/18/1998 9:41:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING TOP 20 LISTED / Newport Petroleum Closes Remainder of Flow-Through Share Issue TSE SYMBOL: NPP JUNE 18, 1998 CALGARY, ALBERTA-- NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. NEWPORT PETROLEUM CORPORATION announces that it has closed the remainder of its previously announced issue of 2,000,000 flow-through common shares by issuing 504,000 flow-through common shares for gross proceeds of $3,855,600. This closing completes the financing under which the Company realized total gross proceeds of $56,700,000 from the issue of 6,000,000 common shares and 2,000,000 flow-through common shares. The issue was underwritten by a syndicate 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. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

To: SofaSpud who wrote (11319)	6/18/1998 9:46:00 PM
From: Herb Duncan	Respond to of 15196

DIVIDENDS / Cantex Energy Inc. Company Announcement CANADIAN DEALING NETWORK SYMBOL: CTXE JUNE 18, 1998 TORONTO, ONTARIO--Cantex Energy Inc. (the "Company") (CTXE - OTC, CXEGF-BB) wishes to announce that it has delayed the record date announced yesterday for the declaration of a dividend payable to all shareholders of record of the Company. The dividend will now be payable to all shareholders of record as of the close of business on Monday June 22, 1998 (the "Record Date"). The dividend will consist of the pro rata distribution of all of the common shares of the Company's wholly-owned subsidiary, Findore Gold Resources Ltd. ("FGRL"). The total issued and outstanding capital of FGRL will not exceed 1,573,385 common shares having a net tangible asset value of $314,677. The Dividend will now be paid on July 22, 1998. For further information, please contact Mr. David Ellis or Mr Colin Halanen, Investor Relations Representatives of the Company, at (416) 363-1570 or visit the Company's website at web.licity.com. Total shares issued and outstanding 11,472,647.

To: SofaSpud who wrote (11319)	6/18/1998 9:50:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Midas Resources Mails Offer for Scorpion Energy TSE SYMBOL: MDS JUNE 18, 1998 CALGARY, ALBERTA--Midas Resources Ltd. ("Midas") today announces that its offer to purchase all of the issued and outstanding common shares and warrants of Scorpion Energy Inc. ("Scorpion") on the basis of 1.3 common shares/warrants of Midas for each common share/warrant of Scorpion has been mailed to the securityholders of Scorpion. The offer will expire on July 8, 1998, unless it is extended or withdrawn by Midas. The offer is conditional on, among other things, at least 90 percent of the outstanding Scorpion securities being acquired under the offer. The Midas shareholders meeting to approve the business combination with Scorpion is scheduled for 10:00 a.m. (Calgary time) on July 7, 1998 at the Ramada Hotel, 708 - 8th Avenue S.W., Calgary, Alberta. An Information Circular dated June 3, 1998 which describes, among other things, the proposed business combination, has been mailed to all Midas shareholders. The combined company will be managed by the existing Scorpion team and will have an initial production base of 1050 BOE per day (65 percent natural gas) and 18,369 net undeveloped acres, with an additional 19,250 net undeveloped acres under a farmin agreement. The 1998 capital budget of $8,300,000 is targeted 90 percent for natural gas prospects. The 1998 exit production target is 1700 BOE per day. For information on the company, please visit our website at: midasres.com.

To: SofaSpud who wrote (11319)	6/18/1998 9:52:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Diaz Announces $500,000 Flow-Through Share Issue VSE SYMBOL: DZR.A DZR.B NASDAQ SYMBOL: DZRUF JUNE 18, 1998 CALGARY, ALBERTA--Diaz Resources Ltd. has agreed to issue, by way of a private placement, 1.25 million Class A Subordinate Voting shares on a flow-through basis, at a price of $0.40 per share. One million of the shares are to be issued to insiders of the corporation. This private placement will provide $500,000 of working capital for the company for oil and natural gas exploration in Western Canada. The issue of the shares is subject to the receipt of all necessary regulatory approvals. Diaz is an oil and gas exploration company with assets in Canada and the United States.

To: SofaSpud who wrote (11319)	6/18/1998 9:54:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Siga Resources Announces Third Quarter Report to Shareholders for the Period Ending March 31, 1998 ASE SYMBOL: SIG JUNE 18, 1998 CALGARY, ALBERTA-- REPORT TO THE SHAREHOLDERS During the third quarter we completed a private placement of common shares which netted the Company $60,000.00. The private placement consisted of 600,000 common shares at $0.10 per share. We also completed a debt repayment plan under which the Company retired nearly all of its outstanding debt. The settlement consisted of $0.25 cash and $0.75 common shares at $0.10 per common share for each $1.00 of debt outstanding. As a result of the Corporate restructuring we issued 1,059,156 common shares out of treasury and now have issued and outstanding common shares totalling 12,048,809. We also have a positive working capital position and, as of April 30, 1998, have no long term debt. Subsequent to the end of the quarter, the halt trading order was lifted by The Alberta Stock Exchange and our shares began trading again on May 14, 1998 after an 18 month hiatus. We are pleased to enclose our Third Quarter Financial Statements for the nine month period ended March 31, 1998. Revenues net of royalties for the nine month period were $130,260.00, while expenses totalled $142,440.00. Depreciation and Depletion accounted for $46,982.00 of the expenses. The Company had a loss of $12,180.00 for the period. At March 31, 1998 the Company had a positive working capital position of $18,621.00. Our Pembina well was down from mid March 1998 because of a severe waxing off problem, resulting in a loss of revenue. The problem was rectified during the quarter and the well is now producing normally. Management is currently considering several opportunities to move the company forward and hope to be able to announce additional positive news to the shareholders in the very near future. I wish to thank all of our shareholders for being so patient with us during the last eighteen months. /T/ SIGA RESOURCES LIMITED BALANCE SHEET AS AT MARCH 31 (PREPARED WITHOUT AUDIT) 1998 1997 ASSETS Current Cash $35,760 $4,278 Accounts Receivable $69,313 $79,896 Prepaid Expenses $1,600 ------- ------- $105,073 $85,774 Capital Assets $333,739 $434,988 -------- -------- $438,812 $520,762 -------- -------- -------- -------- LIABILITIES Current Accounts Payable $80,202 $211,824 Current Portion of Bank Loan $6,250 $68,750 -------- -------- $86,452 $280,574 Long Term Debt - Site Restoration Costs $30,400 $11,000 -------- -------- $116,852 $291,574 -------- -------- SHAREHOLDER'S EQUITY Share Capital $1,229,440 $1,063,443 Deficit ($907,480) ($834,255) ---------- ---------- $321,960 $229,188 $438,812 $520,762 -------- -------- -------- -------- SIGA RESOURCES LIMITED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDING MARCH 31 (PREPARED WITHOUT AUDIT) 1998 1997 OPERATING Net Income (Loss) ($12,180) ($68,816) Depletion, Depreciation and Amortization $46,982 $52,878 ------- ------- $34,802 ($15,938) (Increase) Decrease in Non- Cash Working Capital ($110,261) $65,911 -------- ------- ($75,459) $49,973 FINANCING Issue of Share Capital $165,997 $6,850 Decrease in Long Term Debt ($62,500) ($50,000) -------- ------- $103,497 ($43,150) Cash Available for Capital Expenditures $28,038 $6,823 -------- ------- Capital Expenditures Purchase of Capital Assets, net $ 10 ($19,178) ---- ------- Increase in Cash $28,048 ($12,355) Cash, Beginning of Period $7,712 $16,633 ------ ------- Cash, End of Period $35,760 $4,278 ------- ------- ------- ------- SIGA RESOURCES LIMITED STATEMENT OF OPERATIONS AND DEFICIT FOR THE NINE MONTHS ENDING MARCH 31 (PREPARED WITHOUT AUDIT) 1998 1997 REVENUE Production (net of royalties) $130,260 $154,265 -------- -------- EXPENSES Depreciation and Amortization $46,982 $52,878 General and Administrative $22,198 $71,698 Interest and Bank Charges $2,070 $6,227 Operating $71,190 $92,278 ------- ------- $142,440 $223,081 -------- -------- Income(Loss) for the Period ($12,180) ($68,816) Deficit, Beginning of Period $895,300 $765,439 -------- -------- Deficit, End of Period $907,480 $834,255 -------- -------- -------- -------- /T/

To: SofaSpud who wrote (11319)	6/18/1998 9:58:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / We X.L. Holdings - Energy Commander (TM) Receives CSA NRTL/C Certification For ASE SYMBOL: WXL JUNE 18, 1998 CALGARY, ALBERTA--We X.L. Holdings Corporation announces that the Energy Commander (TM), the flagship product in its suite of energy management products, has received CSA NRTL/C Certification. "This is a milestone event in a development quarter," says We X.L. President Thom Broe. "This certification gives We X.L. unrestricted access to North American commercial markets, and lays the foundation for solid growth in Energy Commander (TM) bookings and sales." We X.L. has not required such certification in the past because all previous sales were to electric utility companies. The latest version of the Energy Commander is designed for niche commercial markets that require CSA/NRTL certification. We X.L. is a Calgary-based developer and manufacturer of software/hardware technology, providing data capture/communication, appliance control and energy management solutions to residential, commercial and energy supplier clients in North American and offshore markets. We X.L. is publicly traded on the Alberta Stock Exchange (ASE:WXL).

To: SofaSpud who wrote (11319)	6/18/1998 10:01:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Arlington Ventures Announces Golden Exploration Has Signed Letter of Intent with Sagebrush Petroleum VSE SYMBOL: AVM JUNE 18, 1998 VANCOUVER, BRITISH COLUMBIA--Arlington Ventures Ltd. ("Arlington") announces that its wholly owned subsidiary Golden Exploration & Production Corp. ("Golden") has signed a Letter of Intent with Sagebrush Petroleum, LLC and Sagebrush Operating, LLC to drill three wells in Arlington's Iuka-Carmi Field located in Kansas. Two of the wells to be drilled are to exploit the shallow reservoirs and one well is to test the deeper oil and gas potential in the Iuka-Carmi Field. Subject to Vancouver Stock Exchange approval, the terms of the agreement call for the following: 1. Sagebrush Petroleum will purchase a 5 percent Working Interest in the Iuka-Carmi Field for $350,000 (US). In addition to purchasing a 5 percent Working Interest, Golden will assign a 35 percent carried Working Interest (through the tanks) in the three wells to be drilled. 2. Sagebrush Operating will supply a turnkey contract to drill, complete and hook up two Langdon gas wells (approximate dept of 2,800 feet) and one Simpson/Arbuckle (approximate depth of 4,500 feet) well for a total cost of $463,786 (US). Additionally, Sagebrush Operating will pay $69,568 (US) or 15 percent of the turnkey costs for a 15 percent Working Interest in the three proposed wells. 3. Within eight months, Sagebrush Petroleum will have the option to put to Arlington the 5 percent Working Interest purchased in exchange for 615,000 shares of Arlington common stock subject to Vancouver Stock Exchange approval. It is anticipated that the three wells will be drilled and completed within the next 60 days. If the proposed wells are successful, Arlington and Sagebrush Operating plan on drilling an additional three to nine wells.

To: SofaSpud who wrote (11319)	6/18/1998 10:08:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / WestCastle Announces 1998 Second Quarterly Distribution TSE SYMBOL: WCL.UN OTC Bulletin Board SYMBOL: WCTS JUNE 18, 1998 CALGARY, ALBERTA-- THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES WIRE SERVICES. WestCastle Energy Trust today announced its 1998 second quarterly distribution to unitholders. The record date for the distribution is June 30, 1998 and the distribution will be made on July 15, 1998. The amount of the distribution will be $0.15 per unit or approximately $3.0 million, based on the estimated distributable income for the period from April 1, 1998 through June 30, 1998. This distribution reflects the current weakness in oil and gas prices. WestCastle Energy Trust is a Calgary-based petroleum and natural gas royalty trust whose units are listed on the Toronto Stock Exchange under the symbol "WCL.UN".

To: SofaSpud who wrote (11319)	6/19/1998 3:44:00 AM
From: Kerm Yerman	Respond to of 15196

PIPELINES / Koch Pipelines Quarter Distribution KOCH PIPELINES CANADA, L.P. ANNOUNCES SECOND QUARTER DISTRIBUTION CALGARY, June 17 /CNW/ - Koch Pipelines Canada, L.P., today announced its cash distribution to unitholders of $0.18 per unit for the quarter ending June 30, 1998. The distribution will be paid on or about July 30, 1998 to unitholders of record on June 30, 1998. Operating results for the second quarter reflect reduced throughput volumes on the Partnership's pipelines due to several anticipated seasonal factors including maintenance work at field production sites, spring road bans, and scheduled line integrity testing on the Interprovincial export pipeline system. In addition, the low crude oil price environment has caused a reduction in development activity in certain areas served by the Partnership's pipelines. Crude oil receipts averaged 291,800 barrels per day in April and 291,000 barrels per day in May, compared to a first quarter average of 308,400 barrels per day. Based on currently available information, the Partnership expects to make quarterly cash distributions of approximately $0.20 per unit for the last two quarters of 1998. This revised outlook assumes continued stable performance from the existing production base, and that low oil prices cause further delays to originally forecast production growth projects. Throughout the balance of 1998, the Partnership will continue its strong focus on its operating cost structure, and the pursuit of new investment opportunities. The Partnership is well positioned to benefit from increased industry activity that may result from an upward swing in oil prices. Given the revised outlook for 1998, the Partnership anticipates that approximately 45% of 1998 cash distributions will be considered taxable, and approximately 55% will be considered a return of capital. Koch Pipelines Canada, L.P. is a limited partnership that owns and operates four feeder pipeline systems located in southern Alberta and southwestern Saskatchewan. Totaling approximately 2,450 miles in length, these systems comprise one of the largest crude oil feeder pipeline businesses in Canada. The Partnership's Class A units trade as instalment receipts on The Toronto Stock Exchange under the symbol KPC.IR. The second instalment of $4 per unit is due on November 27, 1998.

To: SofaSpud who wrote (11319)	6/19/1998 3:48:00 AM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Pan-Global Enterprises Inc. Acquires O&G Interests PAN-GLOBAL ANNOUNCES ACQUISITION OF OIL AND GAS INTERESTS VANCOUVER, June 17 /CNW/ - Arn Schoch, President of Pan-Global Enterprises Inc. (''Pan-Global''), announced today an agreement with First Calgary Petroleums Ltd. (''FCP'') whereby Pan-Global has agreed to farm-in to various oil and gas property interests held by FCP in Louisiana, Texas, Tunisia and the Republic of Yemen. The agreement provides that in consideration for the cash payment by Pan- Global of US$900,000, the following property interests will be assigned by FCP to Pan-Global: 1. Lake Misere Prospect, Cameron Parish, Louisiana - Pan-Global will acquire a 5% working interest in the earning well and the lands associated therewith; 2. South Fort Stockton Prospect, Pecos County, Texas - Pan-Global will receive a 6.67% working interest before payout/5% working interest after payout in the earning well and lands associated therewith; 3. Bazma Prospect, Tunisia - Option to purchase 40% of FCP's interest in the Bazma Prospect, resulting in a 6% working interest. This option must be exercised within 10 days following election by the present participants to complete the Bazma earning well, exercisable upon payment of 40% of FCP's share of the estimated dry hole costs (US$1.444 million). Pan-Global will be responsible for 40% of FCP's share of all drilling and completion costs associated with the earning well; 4. Yemen Prospect, Block 43, Republic of Yemen - Option to purchase a 16% working interest in FCP's Yemen Prospect in exchange for providing 16% of all costs associated with the Yemen Prospect. Upon FCP's successfully farming out an interest in the Yemen Prospect or arranging alternative financing which allows for operations on the project to move forward, Pan-Global will be required to provide its share of costs to date. Detailed information on the four property interests will follow shortly. Pan-Global has entered into an arrangement whereby Canaccord Capital Corporation (''Canaccord'') has agreed to advance to Pan-Global the sum of Cdn$1.4 million as bridge financing for the FCP agreement. The loan bears interest at an annual rate of prime plus 3%, is repayable within 30 days and is secured by assignment of Pan-Global's interest in the FCP transaction. Pan-Global has agreed to issue to Canaccord 300,000 exchangeable warrants as bonus for the loan, each exchangeable warrant being exchangeable for one warrant, each warrant being exercisable for one common share of Pan-Global for a period of 2 years at an exercise price of $0.60 per share during the first year and $0.80 per share during the second year. Pan-Global has also announced that the Company has negotiated a further brokered private placement for up to 1,500,000 units (''Units'') at a subscription price of $0.60 per Unit. Each Unit will consist of one common share of Pan-Global and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one common share for a term of two years, at a price of $0.70 per share in the first year and $0.80 per share in the second year. A commission will be paid in cash equal to 7 1/2% of the gross proceeds and up to 200,000 brokers warrants will be issued to the agent, having the same terms as the warrants comprising the Units. The net proceeds of the proposed private placement will be used for repayment of the Canaccord bridge financing and for general corporate purposes. The FCP transaction, the Canaccord bridge financing and the private placement are all subject to receipt of regulatory approval. Closing of the private placement will also be subject to an annual information form of Pan-Global being filed with and accepted by the British Columbia Securities Commission. Securities issued under the private placement and the bonus warrants issuable to Canaccord in exchange for the exchangeable warrants will be subject to a reduced four month hold period in British Columbia.