Abacan Closes Private Placement of Common Stock.CALGARY, ALBERTA--(BUSINESS WIRE)--July 13, 1999-- Abacan(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABACF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. .) Abacan Resource Corporation ("ABACF:NASDAQ;ABC:TSE") announced today that it has closed a private placement of 6,666,668 common shares at a price of U.S.$0.15 per common share (Cdn.$0.23 per common share) for gross proceeds of U.S.$1,000,000. The private placement was subscribed for by two U.S. institutional investors. The institutional investors have advised the Corporation that additional near term funding of up to $U.S.2,000,000 may be available for the Corporation's on-going operations, at the investor's discretion pursuant to future private placements at prices and at terms to be agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy between the Corporation and the investors. The proceeds of the private placement will be used by the Corporation to fund (1) the ongoing costs of negotiating the previously announced Power Purchase Agreement with the governments of Benin and Togo; (2) the costs of negotiating and finalizing one or more farmout or participation agreements for the Corporation's other properties in Nigeria and Benin; and (3) for general corporate purposes. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Abacan Resource Corporation is an oil and gas exploration and development company with properties in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . |
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