Printer Friendly

GULF ANNOUNCES HOME OIL OFFERING

 CALGARY, April 28 /PRNewswire/ - Gulf Canada Resources Limited (AMEX: GOU) and Olympia & York Developments Limited announced today that they have accepted an offer from a group of Canadian underwriters led by Burns Fry Limited to purchase their combined total holdings of 23,647,448 common shares of Home Oil Company Limited.
 The underwriting group, which includes Gordon Capital Corporation, RBC Dominion Securities Inc. and Bunting Warburg Inc., will offer these shares to the public.
 Gulf and Olympia & York Developments Limited have agreed to sell their combined 59.7 per cent interest in Home at a price of $16.75 per common share for gross proceeds of $396 million.
 The shares have not been, nor will they be, registered under the United States Securities Act of 1933, and, subject to certain exceptions, may not be offered or sold in the United States or to United States persons.
 Gulf's share of the proceeds of the issue are estimated at approximately $145 million net of expenses of the offering, which will ultimately be used to reduce debt.
 -0- 4/28/93
 /CONTACT: Gary Sherkey, manager of investor relations, 403-233-4341, or John Sparks, manager of public affairs, 403-233-4049, both of Gulf Canada Resources Limited/
 (GOU)


CO: Gulf Canada Resources Limited ST: Alberta IN: OIL SU: OFR

TM -- NY122 -- 2375 04/28/93 20:36 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1993
Words:221
Previous Article:KOMAG SIGNS $60-MILLION CREDIT LINE TO SUPPORT FUTURE GROWTH OPPORTUNITIES
Next Article:TELIOS SIGNS AGREEMENT WITH ST. JUDE MEDICAL INC. FOR BIOCOMPATIBLE COATING
Topics:


Related Articles
GULF TURNAROUND CONTINUES
GULF CANADA RESOURCES LTD. ANNOUNCES AGREEMENT AMONG SHAREHOLDERS
GULF TO INCREASE CAPITAL INVESTMENT PROGRAM
GULF CONCLUDES TRANSACTION FOR CDN $300 MILLION, APPOINTS NEW PRESIDENT AND CEO, AND RESTRUCTURES BOARD OF DIRECTORS
MARATHON ACQUIRES INTEREST IN POSEIDON
Cedyco Corporation Announces the Acquisition of Partners Oil Company
Pennzoil Wins Fourth Gulf of Suez Oil Exploration Block
Gulf Canada Resources Acquires Production And Strategic Facilities in Australia
Gulf Indonesia Announces Combined Flow Rate of 7,250 Barrels of Oil Per Day From Two Tests on Bukit Tua-1 Oil Discovery.
Joint venture plans Texas offshore oil port.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters