CanArgo Reaches Financing Agreement With IFC.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 5, 1998--CanArgo (Nasdaq:GUSH) CanArgo Energy Corporation (Nasdaq: GUSH), (OSE OSE - Open Systems Environment : CNR See riser card. CNR - Communication and Network Riser ) announced today that the International Finance Corporation ("IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ") has approved an investment to finance CanArgo's subsidiary's development plan in the Republic of Georgia. IFC will provide a US$6 million loan to CanArgo's subsidiary, Ninotsminda Oil Company. The proceeds of this financing will be utilized to further develop the Ninotsminda field in the Republic of Georgia. The completion of this financing is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent execution of the final legal documentation. Dr. David Robson, Chairman and Chief Executive Officer of CanArgo stated, " Since we initiated discussions with the IFC last August, we have been enthusiastic about their involvement in our Ninotsminda project. In addition to providing the capital to accelerate our development plan, it supports our confidence in the Republic of Georgia." IFC, part of the World Bank Group, fosters growth in the developing world and in emerging economies by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to governments and businesses. CanArgo Energy Corporation is an independent oil & gas exploration and production company operating 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. and Asia. The Company's activities include downstream operations such as independent power production, oil refining and marketing. CanArgo's corporate strategy is to develop locally managed business units with a focus on early cash flow and business upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside . 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 need for additional approvals and the effect of actions of third parties, including co-ventures, contractors and governmental officials, on the timing and occurrence of anticipated events. For more complete discussion of such risks, uncertainties and other factors, see the Company's (formerly Fountain Oil Incorporated) Annual Report on Form 10-K/A for the year ended December 31, 1997 and the Company's Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. |
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