Wednesday 10th December 2003
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The proposed new name for the company is Austral Pacific Energy Ltd. The new name is said to be "reflective of the company's primary New Zealand area of operations."
A shareholders' meeting will be held in Vancouver on December 31 to consider the name change as well as the adoption of updated corporate by-laws.
Also, Indo-Pacific Chairman David Newman has announced that the company has placed US$500,000 in unlisted convertible notes with Global Resource Investments Ltd. ("GRIL") a significant international participant in the resources industry.
GRIL is a US based institutional resource investment fund whose principal Rick Rule has a strong following in North America. GRIL, or an affiliate, will also be participating in the current New Zealand share offer.
"The investment by GRIL was a welcome additional endorsement of the company and its exploration assets," Newman says.
The principal amount of the notes is convertible into units (share and full warrant valid for one year at US$1.15) at US$1.10 per unit. The conversion pricing of the notes reflects resale restrictions and the absence of brokerage fees. The note units are subject to a four month hold period, and their placement is conditional upon the prospectus offering closing.
Indo-Pacific has also amended the terms of its outstanding Series A warrants, extending their term by approximately one year to coincide with the prospectus warrants in consideration for the warrant holder agreeing to reduce the number of shares potentially issuable on exercise of the warrants by 50% from 1,673,690 to 836,845 shares, and also agreeing to an increase in the exercise price from US$1.40 to US$1.50 per share.
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