APF Energy Trust Closes Initial Public Offering of Royalty Trust Units.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--Dec. 17, 1996--APF Energy(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). AY.IR.) Martin Hislop, President and Chief Executive Officer of APF APF, n the abbreviation for acidulated phosphate fluoride. Energy Management Inc., is pleased to announce that APF Energy Trust has completed its initial public offering of royalty trust royalty trust An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. units at $10.00 each for gross proceeds of $35,000,000, $14,000,000 of which is payable on August 1, 1997. Each unit is represented by an instalment receipt with $6.00 paid on closing and $4.00 payable on August 1, 1997. The offering was made through an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. led by Research Capital Corporation, and including Levesque Beaubien Geoffrion Inc. and Moss, Lawson & Co. Limited. The instalment receipts began trading on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. on December 17, 1996 under the symbol "AY.IR". Proceeds from the public offering were used to acquire a royalty consisting of 99 percent of the cash flow from oil and gas properties owned by APF Energy Inc. The first distribution to unitholders is scheduled to be made on January 31, 1997. To date, APF Energy Inc. has acquired 6 properties and is aggressively seeking further acquisitions. Mr. Hislop is also pleased to announce that the following individuals will be joining him on the Board of Directors of APF Energy Inc.; Steven Cloutier; Daniel Mercier; William Dickson; and Leroy Gieck. -0- The Toronto Stock Exchange has neither approved nor disapproved of the contents of this press release. CONTACT: APF Energy Management Inc. Martin Hislop, 403/294-1000 403/294-1074 (FAX) 800/838-9206 enrgygrp@cadvision.com or APF Energy Management Inc. Steven Cloutier, 403/294-1000 403/294-1074 (FAX) 800/838-9206 enrgygrp@cadvision.com |
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