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ALTA ENERGY NEW FINANCING INCREASES EQUITY BY 40 PERCENT

 ALTA ENERGY NEW FINANCING INCREASES EQUITY BY 40 PERCENT
 DENVER, Nov. 11 /PRNewswire/ -- Alta Energy Corporation (AMEX-ECM: ALE.EC) today announced the sale of a $2.5 million 8 percent Convertible Preferred Stock sale which is convertible at a common stock price of $1.76 per share. The Preferred Stock was sold to a major institution through a 144A Private Placement and is convertible at any time at the option of the holder. The issue is callable by the company after two years at an initial price of 104 percent of par value.
 The transaction has the effect of increasing Alta's stockholders' equity by over 40 percent, from $6 million to $8.5 million. Common shares issuable upon conversion increase by 7.7 percent to 19.6 million fully diluted from 18.2 million previously.
 In addition to providing working capital, the company intends to use proceeds from the Preferred Stock issue to finance property development and acquisitions.
 Alta Energy Corporation's common stock is traded on the American Stock Exchange Emerging Company Marketplace under the symbol ALE.EC.
 -0- 11/11/92
 /CONTACT: Charles Lard of Alta Energy Corporation, 203-677-8707/
 (ALE.EC) CO: Alta Energy Corporation ST: Colorado IN: OIL SU:


KD-TM -- NY004 -- 9602 11/11/92 09:01 EST
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Publication:PR Newswire
Date:Nov 11, 1992
Words:210
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