Cubacan Exploration Inc. preliminary prospectus filed.CALGARY, ALBERTA--(BUSINESS WIRE)--May 16, 1996--Cubacan Exploration Inc. ("Cubacan"), a Calgary-based junior oil and gas company, announces that it has filed 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 in Alberta and British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography to raise a maximum of $2,100,000. The offering consists of A Units at $0.30 each, where an A Unit is comprised of one common share and one half of an A Warrant. One whole A Warrant entitles the holder to purchase a B Unit for $0.45 prior to Nov. 15, 1996. One B Unit is comprised of one common share and one B Warrant. The B Warrant entitles the holder to purchase one common share at $0.60 each prior to June 1, 1997. The Agent for the offering is Jennings Capital Inc. The proceeds will be used to fund Cubacan's ongoing operations in Cuba. BLOCK 17 SEISMIC PROGRAM 80 PERCENT COMPLETE Cubacan is currently conducting a seismic survey program covering onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Blocks 16 and 17 in Cuba of 200 km and 400 km respectively. To date, in excess of 320 km have been recorded on Block 17 with an anticipated completion date no later than the end of May. The terms of the Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. with CUPET (the Cuban National Oil Company), as it relates to the field work, will then be completely satisfied. BLOCK 16 SEISMIC PROGRAM Cubacan is currently in the process of relocating the camp and crew from Block 17 to Block 16. It is anticipated that the remaining 200 km of seismic will recommence Re`com`mence´ v. i. 1. To commence or begin again. 2. To begin anew to be; to act again as. He seems desirous enough of recommencing courtier. - Johnson. v. t. 1. To commence again or anew. towards the latter part of June 1996. The Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the information contained herein. CONTACT: Cubacan Exploration Inc. Allan J. Kent, 403/777-9220 |
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