Closing of Serenpet Created Shiningbank Energy Income Fund.CALGARY, ALBERTA--(BUSINESS WIRE)--July 31, 1996--Serenpet Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : SPY SPY. One who goes into a place for the purpose of ascertaining the best way of doing an injury there. 2. The term is mostly applied to an enemy who comes into the camp for the purpose of ascertaining its situation in order to make an attack upon it. , AMEX AMEX See: American Stock Exchange : SRI) announced today the closing of the funding of the Shiningbank Energy Income Fund and the disposition of certain assets. The Fund was sold on a 60/40 Instalment Receipt basis. Proceeds to the Fund of $52,893,330 are being used to acquire a 99 percent Royalty from Shiningbank Energy Ltd. The Royalty was created as a charge against properties purchased by Shiningbank Energy Ltd. from the Serenpet Partnership. After all expenses, Serenpet received approximately $33 million at closing and will receive approximately $21 million on July 31, 1997. The proceeds will be used initially to pay down debt and to accelerate Serenpet's capital development program. The Company also announced the resignations of Mr. Arne Nielsen as a director and Chairman of the Board, and Mr. David Fitzpatrick as Senior Vice-President, Corporate Development. Messrs. Nielsen and Fitzpatrick will be Chairman of the Board and Chief Executive Officer, and President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. respectively, of Shiningbank Energy Ltd. CONTACT: Serenpet Inc. E. Keith Conrad, 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. , 403/231-3000 or Christina M. Fehr, VP, Corporate Resources, 403/231-3033 |
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