American Resources of Delaware Inc. announces closing of private placement of common stock.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 16, 1995--American Resources of Delaware Inc. (ARI ARI Acute respiratory infection, see there ) (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 :GASS GASS Greenland Air Surveillance System GASS Gas Analyzing Sensor System GASS Guidance Accuracy Study for SPRINT GASS Google AdSense Stats Syndrome GASS Generic Application Simulation System (Boeing Rotocraft) ) Thursday announced the closing of a successful private placement of 41.17 units of common stock and stock purchase warrants at $30,000 each for gross proceeds of $1,235,000. Each unit consists of 10,000 restricted common shares, one restricted Class A Common stock purchase warrant entitling the holder to purchase 5,000 common shares at $3.50, and one restricted Class B Common stock purchase warrant entitling the holder to purchase 5,000 common shares at $5.00. Neither the units nor the common shares underlying the units have been registered under the Securities Act of 1933, in reliance on the exemption provided by Regulation D under the Act. ARI is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to file a registration statement to register the common shares underlying the units. The private placement was initially planned at 100 units to raise $3 million. Continued success in increasing hydrocarbon reserves has resulted in corresponding increases in ARI's Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility with den Norkse Bank. Consequently, the board of directors decided to close the private placement with the sale of 41.17 units. Net proceeds of approximately $1,099,000 will be used to fund ARI's participation in exploration and development drilling activities on properties located in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . CONTACT: American Resources of Delaware Inc., Scottsdale Michael Salter, 602/945-9195 |
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