CanArgo Energy Corporation Completes Offering.CALGARY, ALBERTA and HOUSTON, TEXAS and OSLO, NORWAY--(BUSINESS WIRE)--Aug. 9, 1999--(OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :GUSH) 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 CanArgo has received gross proceeds of approximately US $3.55 million through the issuance and sale of 11,850,362 shares at $0.30 per share in a registered public offering. After completion of the offering, CanArgo has 32,103,296 common shares issued and outstanding. The 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 offering will be used to fund development plans in Eastern Europe and provide working capital. In particular, CanArgo expects to utilize the proceeds to satisfy a condition in a US $6,000,000 loan facility granted by the International Finance Corporation, a World Bank affiliate, to CanArgo's majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , Ninotsminda Oil Company, that will assist Ninotsminda Oil Company in drawing upon that facility. CanArgo Energy Corporation is an independent oil and gas exploration and production company operating in Eastern Europe. In addition to CanArgo's principal oil and gas operations located in the Republic of Georgia, 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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