Carmanah Completes Financing.CALGARY, ALBERTA--(BUSINESS WIRE)--April 30, 1998-- Carmanah(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CKM CKM Cabibbo-Kobayashi-Maskawa (quark mixing matrix) CKM Certified Knowledge Manager (trademark of Hudson Associates Consulting, Inc. .) Carmanah Resources Ltd. ("CKM" - TSE) announced today it has completed its previously-announced bought-deal financing. The transaction resulted in the issuance of 4 million common shares from treasury at a price of $7.50 per common share for gross proceeds of $30 million. After deducting commission, 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). of $28.5 million will be used to repay indebtedness and for working capital to finance an expansion and acceleration of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. programs in Indonesia. Carmanah is currently conducting offshore drilling programs at Camar and at Northeast Natuna. Carmanah is a Calgary-based international oil company with three operated properties offshore Indonesia and one non-operated property at Onado, onshore Venezuela. There are now 40.5 million common shares outstanding. -0- 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 nor disapproved the contents hereof. CONTACT: Carmanah Resources Ltd. Mr. R.A. Gusella, 403/266-4975 403/266-5042 (FAX) carmanah@cadvision.com or Carmanah Resources Ltd. Mr. A.F. Badwi, 403/266-4975 403/266-5042 (FAX) or Carmanah Resources Ltd. Ms. B.G. Hughes, 403/ 266-4975 403/266-5042 (FAX) |
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