(BVI) BlackRock Ventures Inc announce rights offering.TORONTO--(BUSINESS WIRE)--Dec. 5, 1996--BlackRock Ventures Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : BVI) today announced that it has filed and obtained receipts for its prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a rights offering to raise approximately $22 million. The offering will be made in Ontario, Quebec, British Columbia, Alberta, Saskatchewan, Manitoba, and Nova Scotia. Each holder of common shares of BlackRock of record on December 12, 1996, will receive one right for each common share held. Each right entitles the holder to purchase one common share at a price of $0.70 per share. Griffiths McBurney & Partners and Canaccord Capital Corporation are acting as agents in the management of the rights offering and solicitation of the rights. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be used to implement an initial project for the extraction of bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. from the oil sands near Cold Lake, Alberta Cold Lake is a city in northeastern Alberta, Canada, named after the lake it is situated near. Cold Lake itself was formerly known as Coldwater Lake. HistoryThe Town of Cold Lake amalgamated with the nearby communities of Grand Centre and the civilian areas of CFB Cold , in which the Corporation has a 65% interest. As well, the net proceeds will be used to discharge outstanding working capital advances from Rayrock Yellowknife Resources Inc. (TSE: RAY), in which the Corporation holds an 18.8% equity interest, to fund the acquisition, exploration and development of conventional heavy oil properties in Alberta and Saskatchewan and for working capital. Rayrock has indicated its intention to subscribe for its pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. share of the offering. The closing of the rights offering is expected to occur on or about January 16, 1997. Subject to compliance with TSE requirements, the common shares of the Corporation will commence trading on the TSE on an ex-rights basis at the opening of business on December 10, 1996, at which time the rights will be posted fro trading on the TSE on a "when- issued" basis. The rights offering prospectus and related materials are expected to be mailed to shareholders on or about December 18, 1996. CONTACT: BlackRock Ventures Inc. Martii E. Kangas, 416/489-0022, ext. 227 |
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