CanArgo Closes Private Placement.Business Editors CALGARY, Alberta and OSLO, Norway--(BUSINESS WIRE)--Dec. 23, 1999 CanArgo Energy Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GUSH) (OSE OSE - Open Systems Environment :CNR See riser card. CNR - Communication and Network Riser ) announced today that it has closed its private placement of 3.3 million common shares at NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 6.90 per share. 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). from the private placement were US$2,667,372. After completion of the private placement, CanArgo has 35,883,963 common shares issued and outstanding. CanArgo intends to use the net proceeds from the private placement for the development of its Ninotsminda field in the Republic of Georgia and for working capital. CanArgo Energy Corporation is an independent oil and gas exploration and production company operating primarily in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . In addition, the Company has interests in several other oil and gas prospects and in refining, marketing, independent power production and oilfield technology activities. The matters discussed in this press release include forward looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward looking statements are intended to help shareholders and others assess the Company's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results anticipated herein will be attained. |
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