Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

North American Royalties, Inc. Deal - Lehman Brothers Collection

North American Royalties, Inc.

Company Dealsale of common shares
Transaction TypeCommon Stock
Deal DescriptionNorth American Royalties, Inc., used the net proceeds from this transaction to purchase and retire the outstanding shares of its preferred stock. A portion of the proceeds was used to retire its outstanding bank loans, which had been incurred for organization expenses, for working capital, and to finance the acquisition of certain of the properties of the company. The remaining proceeds were available for the purchase of additional mineral interests, royalties, and overriding royalties in prospective oil and gas producing areas in the United States and Canada, without limitation to the areas in which the company's interests are now located, and for other corporate purposes, including working capital.
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