Maxy Oil & Gas Inc. Completes $6.2 Million Private Placement.VANCOUVER, B.C.--(BUSINESS WIRE)--July 6, 1999-- Maxy Oil & Gas(VSE See DOS/VSE. VSE - Virtual Storage Extended :MXY) The Company is pleased to announce the successful completion of the private stock placement, initially announced May 12, 1999. In the transaction, 6,681,334 Units were sold at $0.90 per Unit to raise a total of $6,199,013.50. Each Unit is comprised of 2.387 shares, one share being issued by the Company, together with 1.387 incentive escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. shares being transferred to the placees from third parties without additional cost. The shares issued by the Company will have a four-month hold period and begin free trading on November 1, 1999. Through the private placement, Southwestern Gold (Bermuda) Ltd. acquired 3,200,000 of the Units (7,638,400 shares), which equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to a control Block of 26 percent of Maxy's outstanding stock, after issuance and transfer. Directors and officers control approximately 50 percent of the corporation's stock and about 24 percent is owned by others. A portion of the proceeds of the placement will be applied to costs associated with the Company's 25 percent working interest in the Yaan Block in Sichuan Province, China. Texaco China B.V. owns the remaining 75 percent interest and operates the block, while China National Petroleum Corporation has the right to back-in for a 51 percent interest after the exploration phase. The Sanhenan No. 1, the block's first exploratory well, has recently been completed and several potentially productive intervals are being tested at this time. Results of the initial tests are expected by mid July. Maxy Oil & Gas Inc. Per: S. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , President The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this press release. |
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