| Deal Description | Banff Oil Ltd., was to use approximately $972,000 of the proceeds from this deal to repay the outstanding bank loan that had been used to finance a portion of the company's development expenditures. The balance of approximately $6,833,000 was to be used to finance the company's expanded program of exploration for and development of oil and gas reserves, and a minor portion may have been used for exploration for and development of mineral reserves. The company intended to retain the proceeds in banks or in short-term obligations in Canada. |
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