Chauvco subscribes for 6,825,000 new TDE shares; well planned for MAY 1996 IN SE Turkey.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)--Jan. 15, 1996-- Trans-Dominion Energy (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : TDE TDE 1. tetrachlorodiphenylethane-a chlorinated hydrocarbon insecticide. 2. ethoglucid, an antineoplastic agent. ) Corp. ("TDE") has agreed to place 6,825,000 new ordinary shares at the price of $0.25 per share with Chauvco Resources Ltd. ("Chauvco"), representing 13.7 percent of the current balance of outstanding shares after the issue. In addition, Chauvco will receive 3,412,500 share warrants which are exercisable at $0.35 per share within two years. The placing will raise $1,706,250 net and the warrants, if exercised, a further $1,194,375 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). . This share placement will replace the previous arrangement with Chauvco to farm into TDE's acreage in SE Turkey. Instead, TDE intends to use a substantial part of the proceeds to drill an exploration well on a promising prospect which it has identified in its SE Turkey licenses. The well is scheduled to commence drilling in May 1996. TDE has current production in Turkey and qualifies for certain exploration incentives which are supported by the Turkish Government. These incentives mean that TDE should recover a significant portion of the costs of the exploration well regardless of the well results. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has approved the listing of the new shares. CONTACT: Trans-Dominion Energy W.J. (Jim) Cooke, 403/232-1166 Michael R. Binnion, 403/777-1571 |
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