Canrise Resources Ltd. Announces Special Warrant Financing.CALGARY, Alberta--(BUSINESS WIRE)--Jan. 13, 1997--Canrise Resources Ltd. announced today that it has signed an agreement with FirstEnergy Capital Corp., Peters & Co. Limited, Goepel Shields & Partners Inc. and Sprott Securities Ltd., as underwriters, respecting the sale by Canrise of 2,250,000 special share purchase warrants ("Special Warrants"), at $7.00 per Special Warrant, for aggregate gross proceeds of $15,750,000. Proceeds from the sale of the Special Warrants will be used by Canrise to partially fund the acquisition of certain properties and assets in the McLeod area of Alberta from Mobil Oil Canada. All proceeds from the sale of the Special Warrants will be deposited into escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. to be held pending closing of the Mobil acquisition. Closing of the sale of the Special Warrants is expected to occur on January 28, 1997. Canrise will file a preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders respecting the distribution of common shares upon the exercise of the Special Warrants as soon as practicable following completion of the Special Warrant transaction, with a final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. to be filed within 120 days of closing. If a final prospectus is not filed within that 120 day period, each Special Warrant will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder thereof to acquire 1.1 common shares upon exercise. Canrise Resources Ltd. is an Alberta based corporation engaged in the exploration, development and acquisition of oil and natural gas properties in Western Canada
Western Canada, commonly referred to as the West . -0- Note to Editors: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved or disapproved the information contained herein. CONTACT: Canrise Resources Ltd. Peter J. Kurceba, 403/262-3385 1-888 toll free David M. Fisher, C.A., 403/232-9225 |
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