Canrise Resources Ltd. proposes private placement.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Sept. 27, 1996--The Board of Directors of Canrise Resources Ltd. has approved the issuance of up to 500,000 flow-though common shares at a price of $5.00 per share for gross proceeds of $2,500,000. 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). after expenses will be approximately $2,465,000. The proceeds will be used to fund the Corporation's ongoing exploration and development drilling activities. The issuance of the flow-through common shares is subject to regulatory approval and will be completed by way of private placement. The Corporation has targeted a closing date of October October: see month. 3, 1996. 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: 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: Peter J. Kurceba President and Chief Executive Officer Tel: 403/232-9222 Fax: 403/262-4518 or David M. Fisher, C.A. Vice President, Finance and Chief Financial Officer Tel: 403/232-9225 Fax: 403/262-4518 |
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