Global X Active Preferred Share ETF T.HPR

RE: What is the halt about? NEWS

[dollarhunter]

Unfortunate for this to come out when the price per share was rising... although I still think this is a stock for the future. DH High Point Announces Equity Financings -------------------------------------------------------------------------------- Advertisement -------------------------------------------------------------------------------- 13:07 EDT Thursday, June 05, 2003 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES CALGARY, June 5 /CNW/ - High Point Resources Inc. ("High Point") (TSXV:HPR) announces that today it has entered into two bought deal financing agreements with an underwriting syndicate led by Griffiths McBurney & Partners and including Yorkton Securities Inc. and CIBC World Markets Inc., to issue (i) 4,000,000 flow through common shares at $2.00 each, and (ii) 7,500,000 Subscription Receipts at $1.60 each. Each Subscription Receipt entitles the holder to acquire one common share, without the payment of any additional consideration, upon the closing of an acquisition of a private oil and gas company that High Point is currently in discussions with. The details of the potential acquisition will be disclosed in due course when an agreement is reached in respect thereof. The financings will be completed on a private placement basis resulting in total gross proceeds to High Point of approximately $20,000,000 with estimated proceeds of $8,000,000 from the flow-through common share issuance and estimated proceeds of $12,000,000 from the issuance of the Subscription Receipts. The underwriters also have an option exercisable prior to closing to increase the financing by up to 1,875,000 Subscription Receipts at $1.60 each, for aggregate further gross proceeds of up to approximately $3,000,000. The issues are subject to normal regulatory approvals and closing is expected on or about June 24, 2003. The issue of the Subscription Receipts is subject to High Point entering into an agreement in respect of the acquisition. The proceeds from the issuance of the Subscription Receipts will be placed in escrow pending closing and will be used to pay a portion of the consideration of the oil and gas acquisition. Proceeds from the issuance of the flow through common shares will be released upon closing of the offering and will be used to assist in funding the upcoming capital program which includes a twelve well drilling program at Desan, B.C. High Point is a junior oil and gas company engaged in the exploration for, and development and production of natural gas and light oil in Alberta and NE British Columbia. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated. The risks, uncertainties and other factors that could influence actual results are described in documents filed with regulatory authorities. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Subscription Receipts or the common shares in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom. For further information: Glen Yeryk, President & Chief Executive Officer, [phone], [e-mail]; Shivon Crabtree, CFO, [phone] © Canada Newswire Ltd.