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OCELOT INDUSTRIES TO SELL SPECIAL WARRANTS

 OCELOT INDUSTRIES TO SELL SPECIAL WARRANTS
 TORONTO, Jan. 17 /PRNewswire/ -- Ocelot Industries Ltd. announced


today that it has agreed to sell special warrants exercisable for 4 million of its common shares to an underwriting group lead by Gordon Capital Corporation.
 Each warrant will be sold on a private placement basis for $11.50 and aggregate proceeds of $46 million. Net proceeds will be used to repay bank indebtedness and to pursue corporate opportunities. Closing of the private placement is expected to occur Feb. 11, 1992, and a prospectus qualifying distribution of the common shares upon exercise of the warrants will be filed as soon as possible after closing.
 Ocelot Industries is now principally engaged in the manufacture and distribution of methanol following a restructuring of the corporation in late 1991 and the spin-off of its oil and gas, pipe line and service and supply operations.
 -0- 1/17/92
 /CONTACT: Brooke N. Wade, president and CEO, or Ronald J. Russell, VP and general counsel, both of Ocelot Industries, 604-684-7500/ CO: Ocelot Industries Ltd. ST: Ontario IN: OIL SU


CK -- NY041 -- 1007 01/17/92 12:57 EST
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Publication:PR Newswire
Date:Jan 17, 1992
Words:187
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