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

To: Herb Duncan who wrote (11327)	6/19/1998 3:30:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Scarlet Exploration Files Preliminary Prospectus SCARLET EXPLORATION INC. ASE SYMBOL: SCO JUNE 17, 1998 CALGARY, ALBERTA--Scarlet Exploration Inc. (ASE: SCO) announced today that it has obtained receipts for a preliminary prospectus dated June 12, 1998 and filed in the Provinces of Alberta, British Columbia and Ontario. Pursuant to the prospectus, Scarlet will be offering for sale both flow through common shares and non-flow through common shares raising approximately $5,000,000. First Marathon Securities Limited, Research Capital Corporation and Emerging Equities Inc. are acting as agents for Scarlet in respect of the sale of the subject securities which will be priced in the context of the market prior to filing the final prospectus. The net proceeds of the offering will be used to fund Scarlet's ongoing capital expenditures and acquisitions programs for 1998. Scarlet Exploration Inc. is a public junior oil and gas company involved in the acquisition, exploration and development of high-quality oil and gas reserves in Western Canada. Its shares trade on The Alberta Stock Exchange under the symbol "SCO".