An agreement has been reached between Petromet Resources and Resource Capital International (RCI) whereby RCI will subscribe for 150,000 units of Petromet for a total price of $360,000.
Each unit consists of one common share and one share purchase warrant which is exercisable on or before Dec 31, 1987, at the price of $2.50 per common share.
Petromet is the general partner of a newly-formed limited partnership which has distributed units to the public for a total price of $753,105. These proceeds will be used to buy flow-through shares of a numbered company called 655390 Ontario Inc.
This numbered company will carry out exploration on properties under the direction of Petromet. When the programs are completed, 655390 will become a wholly- owned subsidiary of Petromet and the limited partners will receive a total of 231,700 common shares of Petromet.
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