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

To: Herb Duncan who wrote (11865)	7/25/1998 3:22:00 AM
From: Kerm Yerman	Respond to of 15196

JCP - MAJOR TRANSACTION / Aegis Energy Ltd. Completes Major Transaction and Private Placement AEGIS ENERGY LTD. ASE SYMBOL: AJS JULY 24, 1998 CALGARY, ALBERTA--Aegis Energy Ltd. ("Aegis") is pleased to announce that it has successfully completed its previously announced: - Major transaction regarding the acquisition of certain oil and gas assets in southeastern Saskatchewan - Private placement of 2,000,000 units of Aegis at a price of $0.25 per unit for gross proceeds of $500,000. At an annual and special meeting of shareholders held on June 5, 1998, the shareholders of Aegis approved the acquisition of the following oil and gas interests: - A 4.831437 percent working interest in the Workman Voluntary Unit #3 from each of Protec Consulting Ltd. ("Protec"). and Chemnor Industries Ltd. ("Chemnor"). The consideration paid for each of Chemnor and Protec's interests was the issuance of 500,000 common shares at a deemed price of $0.25 per share and payment of $125,000 in cash. In total, Aegis issued 1,000,000 common shares at a deemed price of $0.25 per share and paid $250,000 in cash for a total working interest of 9.662 percent in the unit. - From Postell Enterprises Ltd. ("Postell"), certain non-unit interests in the Workman Area. The consideration paid to Postell was the issuance of 208,000 common shares at a deemed price of $0.25 per share. - From Hazelwood Energy Limited ("Hazelwood"), certain oil and gas interests in the Steelman Area. The consideration paid to Hazelwood was the issuance of 1,004,000 common shares at a deemed price of $0.25 per share. The aggregate purchase price paid by Aegis to acquire the above noted assets was the issuance of a total of 2,212,000 common shares at a deemed price of $0.25 per share and payment of a total of $250,000 in cash. The private placement of 2,000,000 units of Aegis at a price of $0.25 per unit was completed for aggregate gross proceeds of $500,000. The units consisted of one common share of Aegis and one common share purchase warrant which entitles the holder to acquire one additional common share at a price of $0.35 per share on or before June 7, 1999. Also at the annual and special meeting of shareholders held on June 5, 1998, the shareholders of Aegis elected Peter D. Sametz P.Eng., Frank P. Elliott P.Geol., Robert R. Hobbs C.M.A., and Jeffrey J. Scott to the board of directors for the following year. Robert A. McPherson P.Geol., P.Eng., was appointed secretary to the company. As a result of these transactions, effective July 27, 1998, the corporation shall be removed from the Junior Capital Pool Board on the Alberta Stock Exchange.