Mariner Secures Option on Marquis Prospect
Mariner Exploration Inc. has entered into a financing for $15,000,000 with a dealer group led by Octagon Capital Corporation, and including Acadian Securities Inc., Jennings Capital Inc., Maison Placements Canada Inc. and Brant Securities Limited. Under the terms of the agreement, the dealer group has committed to offer on a best efforts basis a maximum of $15,000,000 of Flow Through Special Warrants and Common Share Special Warrants at a price of $5.00 and $4.50 per share respectively. The Special Warrants will be sold on a private placement basis only in the provinces of Alberta, British Columbia, Ontario and Nova Scotia and will be exercisable for one common share of Mariner to be qualified for distribution by way of a prospectus. Initial closing of the offering is scheduled for December 28, 2001.
Mariner has secured an option to farm-in on Canadian Superior Energy Inc.'s Marquis natural gas prospect offshore Nova Scotia near Sable Island. The seismic anomaly is similar in size and magnitude to the PanCanadian Deep Panuke discovery. Mariner will use proceeds of the offering to participate in offshore seismic acquisition and the drilling of this prospect in 2002. Mariner has also secured an option to participate on a prospect-by-prospect basis in future drilling planned on Canadian Superior's extensive offshore Nova Scotia holdings including its Mariner and Mayflower exploration blocks. Upon completion of the transaction, Mariner will be owned approximately 18% by Canadian Superior and 82% by public shareholders. It is Canadian Superior's intention to dividend the shares it holds in Mariner to its Canadian Superior shareholders.