SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 1999
PYR Energy Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-20879 95-4580642
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1675 Broadway, Suite 1150, Denver, Colorado 80202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 825-3748
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Item 5. Other Events.
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Press Release. The press release of the Registrant dated April 30, 1999,
which is filed as an exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements And Exhibits.
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(c) Exhibits.
Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated April 30, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 30, 1999 PYR ENERGY CORPORATION
By: /s/ Andrew P. Calerich
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Chief Financial Officer
EXHIBIT 99.1
On April 30, 1999, the Registrant issued the following press release:
"PYR ENERGY RECEIVES $5,468,000 THROUGH PRIVATE PLACEMENT
DENVER -- PYR Energy Corporation (EBB: PYRX) today announced receipt of an
aggregate $5,468,000 of private placement funding through the sale of 3,417,500
shares of the Company's common stock and 341,750 5-year warrants to purchase an
additional share of the Company's Common Stock at a price of $2.50.
The securities sold in the private placement have not been registered under
the Securities Act of 1933 and may not be offered or sold absent registration or
an applicable exemption from the registration requirements of the Securities Act
of 1933. Within 60 days of completing the private placement, the Company intends
to file a registration statement covering the possible resale of the shares.
The purpose of the private placement is to provide the Company with funds
for a combination of exploitation and development costs related to its East Lost
Hills project in the San Joaquin Basin of California, for additional exploration
opportunities in the San Joaquin Basin and in select areas of the Rocky
Mountains, and for general and administrative expenses.
The Company also reports that consummation of this portion of the private
placement means that, upon presentation of an updated balance sheet showing the
private placement funding, the Company's common stock will no longer be defined
as a "penny stock" and therefore open market transactions in the stock will not
be subject to the brokers' sales practice requirements for low-priced securities
that are set forth in Rule 15g-9 promulgated under the Securities Exchange Act
of 1934.
PYR intends to close on the sale of approximately $1 million to $1.5
million of additional shares and warrants on or before May 14, 1999, pursuant to
the same private placement terms. Denver based PYR Energy is a natural gas and
oil exploration company with activities focused in the San Joaquin Basin of
California and in select areas of the Rocky Mountain region.
# # #
This release contains forward-looking statements regarding PYR Energy
Corporation's future plans and expected performance based on assumptions the
Company believes to be reasonable. A number of risks and uncertainties could
cause actual results to differ materially from these statements, including,
without limitation, the success rate of exploration efforts and the timeliness
of development activities, fluctuations in oil and gas prices, and other risk
factors described from time to time in the Company's reports filed with the SEC.
In addition, the Company operates in an industry sector where securities values
are highly volatile and may be influenced by economic and other factors beyond
the Company's control."
