Abacan closes underwriters option for proceeds of US$13.2 Million.CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 19, 1996--Abacan Resource Corp (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. ., 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.) Abacan Resource Corporation announced today, the exercise of the underwriters' over-allotment option to acquire 1,875,000 million common shares for proceeds to the Company of US$13,218,750. The common shares were issued pursuant to an option granted to Howard, Weil, Labouisse, Friedrichs Incorporated and Oppenheimer & Co., Inc., as underwriters of a recently completed public offering, solely to cover over-allotments in connection with the public offering. The Company has issued a combined total of 14,375,000 common shares in connection with the previously announced closing of the public offering for 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). to the Company (excluding costs of offering but inclusive of Underwriting Commissions) of US$101,343,750. The proceeds will be used in the Niger Delta to fund the completion of production facilities and to drill development wells in the NGO NGO abbr. nongovernmental organization Noun 1. NGO - an organization that is not part of the local or state or federal government nongovernmental organization field, and for drilling and testing the first two offshore wells and for some of the costs of a future production facility in the Benin Basin. CONTACT: Abacan Resource Corporation Wade Cherwayko, 403/ 262-1220 or Abacan Resource Corporation Ms. Lon Boshouwers, 403/ 262-1220 |
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