StockHouse.
11/13/01.
PEBERCAN INC ("PBC-T;PBRCF-0") - Purchase of Cuban Petroleum
Interests From French Company - MAUREL & PROM Finalized
PEBERCAN is pleased to announce that it has finalized the transaction with
MAUREL & PROM with respect to the purchase of the latter's Cuban petroleum
interests that it held in Block 7.
In conformance with the proposal ratified by shareholders at the annual
meeting held on June 27, 2001, PEBERCAN has issued 13,546,694 preferred shares
at a price of US$0.73 per share in exchange for all the petroleum rights held by
MAUREL & PROM in Cuba - a 30% interest in Block 7. These preferred shares
carry a dividend of 3% or US$300,000 per year for a period of seven years, and
include conversion clauses and guaranteed values linked to the progress of the
shares' market value.
MAUREL & PROM also received options to purchase 2,150,000 of the
Company's common shares at a price of CAN$1.00 over the twenty-four (24) month
period immediately following the transaction date.
Finalization of this deal allows PEBERCAN to consolidate its interest in
Block 7 by henceforth holding 60% of the petroleum interests in the CANASI field
deposit and 55% of the balance of the concession. TEL: 1 (514) 286-5200
PEBERCAN Inc. FAX: 1 (514) 286-5177
Cedric SIRVEN, Vice-President of Finance E-mail: info@pebercan.com
(c) Market News Publishing Inc. Tel:(604) 689-1101
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