CanArgo Stockholders Authorise Share Issue.Energy Editors/Business Editors OSLO, Norway--(BUSINESS WIRE)--May 28, 2004 CanArgo Energy Corporation (AMEX AMEX See: American Stock Exchange :CNR See riser card. CNR - Communication and Network Riser ) (OSE OSE - Open Systems Environment :CNR) announced today that at a Special Meeting of Stockholders held in Oslo, Norway, its stockholders have passed a proposal which authorises CanArgo to issue up to 75 Million Shares of common stock. Dr. David Robson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CanArgo said, "We are pleased that our Stockholders have voted to authorise this issue which will now allow us to move forward with our efforts to raise funds for our development and appraisal efforts in Georgia." A Registration Statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Press Release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In other news CanArgo announced that it has completed a deal to sell its interest in the Bugruvativske Field in Ukraine for $2 million. CanArgo has received $250,000 and will receive the remaining $1,250,000 based on certain production targets being achieved on the project. CanArgo has now completed its exit from that country. CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia and the Caspian area. Further information on the Company is available at www.canargo.com and at http://www.sec.gov. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 will be attained. |
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