American International Petroleum Signs Agreement for $52 Million in New Financing.NEW YORK--(BUSINESS WIRE)--April 22, 1998--AMERICAN INTERNATIONAL PETROLEUM CORPORATION (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 :AIPN AIPN Association of International Petroleum Negotiators AIPN Australian Injury Prevention Network AIPN Advanced Industrial Property Network (Japanese Patent Office) AIPN Asian Industrial Property Network ), today announced that it has signed an agreement with certain institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. which will provide it $52 million in private debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to be used by the Company on an as needed as needed prn. See prn order. basis over a two year period. The financing is in the form of a $12 million two-year convertible note and a $40 million equity line. Depending on its needs, the Company could use a portion or all of the facility and can prepay the note at any time upon a five-day notice. The Company said it plans to use the funds as needed beginning April 22, 1998 to conclude the purchase of 17 oil and gas licenses in Russia and commence oil production, to complete the ongoing seismic program on the Chikuduk structure in Kasakstan and begin the drilling program and for Refinery operations. American International Petroleum Corporation is engaged in oil and natural gas exploration in Russia and Kazakstan and refining in Louisiana. The above statements are forward-looking, and are based on estimates and current expectations. They involve certain risks and uncertainties detailed from time to time in the Company's SEC reports. Actual results may differ materially. CONTACT: Millennium Holdings Group, Inc. Wall Street Associates (561) 988-2334 www.millenniumholdings.com E-mail: mhgi@bellsouth.net |
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