CanArgo Energy Inc. and Fountain Oil Incorporated Make Announcement.CALGARY, Alberta--(BUSINESS WIRE)--July 16, 1998-- CanArgo(CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :CNAR CNAR Calling Name Restriction ) CanArgo Energy Inc. announced that the Plan of Arrangement in respect of its previously announced combination with Fountain Oil Incorporated received approval of the Ontario Court (General Division) on July 15, 1998. Accordingly, the combination will be effective upon issuance of a certificate in respect of the Plan of Arrangement by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Fountain Oil announced at the close of trading on July 15, 1998 that it had filed with the Delaware Secretary of State an amendment to its certificate of incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to effect a one-for-two reverse split of the shares of Fountain Oil Common Stock. Each two previously issued shares of Fountain Oil Common Stock will represent one share. As a result of the Plan of Arrangement and Fountain Oil=s reverse stock split, holders of common shares of CanArgo will receive 0.8 exchangeable share of CanArgo for each CanArgo common share previously held, and CanArgo will becomea wholly-owned subsidiary of Fountain Oil. Each exchangeable share of CanArgo is exchangeable for one share of Fountain Oil Common Stock, and the former shareholders of CanArgo will in the aggregate be entitled to 47 percent of the shares of Fountain Oil common stock then outstanding or issuable without payment of additional consideration. Effective July 15, 1998, Fountain Oil Incorporated has been renamed CanArgo Energy Corporation. The shares of CanArgo Energy Corporation (formerly Fountain Oil Incorporated) are listed for trading on the 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 National Market System (under the symbol GUSH) and the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. (under the symbol CNR See riser card. CNR - Communication and Network Riser ). There are presently 10,438,391 common shares and 1,596,597 special warrants of CanArgo Energy Inc. outstanding.
CONTACT: CanArgo Energy Inc.
Kevin Nephin, 800/825-2977
mbinnion@canargo.com
Rune Falstad, +4766.786.900
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