Business
Clarification and status update
Clarification and status update.
About this update from Jura Energy Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 4 /CNW/ - Jura Energy Corporation (\"Jura\" or the \"Company\")\nis issuing the following clarification regarding the Company's June 2, 2006\npress release specifically with respect to the net area of the Badin North and\nSouth blocks for which the Company has exploration rights and is providing\nadditional information relating to its previously announced private placement\nand the listing requirements associated with its new status as an oil and gas\ncompany.\n\nBadin North and South Blocks\n\nThe quoted area was previously expressed in terms of the gross area of\nthe entire Badin block of 1,178,746 acres. Certain portions of the property\nare subject to mining leases unrelated to the Company and the net area for\nwhich the Company has exploration rights in the Badin blocks is 620,571 acres.\nAccordingly, the total gross area of the seven assignments expressed in the\npress release as 1,845,723 was also on a gross basis and reflects a net\nexploration area of 1,287,548 acres.\nThe Company was aware of these unrelated mining leases on the properties\nat the time of the acquisition and the total acreage that the Company intends\nto target has not changed. The Company is issuing this notice simply in the\ninterest of clarifying the public record, although the Company does not\nbelieve this information has any commercial impact.\n\nPrivate Placement\n\nThe Company expects to close the previously announced offering\n(\"Offering\") for 15 million units of the Company during the week of August 7,\n2006. Each unit will consist of one common share in the share capital of Jura\n(\"Common Share\") and one common share purchase warrant (\"Warrant\"). Each\nWarrant will be exercisable for one year from the date of issuance at a price\nof CDN$1.50 per Common Share. In the event that the Common Shares of the\nCompany trade at CDN$2.50 or higher for a period of 20 consecutive trading\ndays at any time after four months and one day after the closing of the\nOffering, the Company may accelerate the expiry date of the Warrants by giving\nnotice to the holders thereof and in such case the Warrants will expire on the\n60th day after the date on which such notice is given by the Company. In\naddition, the agents to the Offering will be issued an aggregate of 900,000\nbroker warrants (\"Broker Warrants\") exercisable for 2 yea...