United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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) May 31, 1996
Coastal Caribbean Oils & Minerals, Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 1-4668 NONE
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Clarendon House, Church Street, Hamilton HM DX, BERMUDA NONE
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (441) 295-1422
(Former name or former address, if changed since last report.)
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FORM 8-K
COASTAL CARIBBEAN OILS & MINERALS, LTD.
Item 5. Other Events
On May 31, 1996, the Company announced that the offering of 6,672,726
shares of its common stock at $1.00 per share was oversubscribed.
A Press release relating to these developments is filed herewith as an
exhibit and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
(99) Additional Exhibits
(a) Press release of the registrant dated May 31, 1996.
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SIGNATURES
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 thereunto duly authorized.
COASTAL CARIBBEAN OILS & MINERALS, LTD.
(Registrant)
By /s/ James R. Joyce
James R. Joyce
Treasurer
Date: June 3, 1996
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EXHIBIT INDEX
Exhibit Description
99(a) Press release of the registrant dated
May 31, 1996
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COASTAL CARIBBEAN OILS & MINERALS, LTD.
N E W S R E L E A S E
COASTAL CARIBBEAN
OFFERING OVERSUBSCRIBED
APALACHICOLA, Fla., May 31, 1996 -- Coastal Caribbean Oils & Minerals, Ltd.
[Boston: CCO-B; CCO-BN] said it has sold 6.7 million shares of common stock to
its shareholders, and that the offering was substantially oversubscribed.
The Company said the offering, ended two days ago, entitled shareholders to
purchase a guaranteed allotment of one new share for every five shares held of
record on Apr. 15, at $1.00 per share. Participants also were given the option
to subscribe for additional shares on a contingent allotment basis.
A Coastal Caribbean spokesman said the offering was oversubscribed by
approximately 40 percent, with shareholders subscribing for more than 9.5
million shares. Participants should be receiving stock certificates and refund
checks in about two weeks, he said, noting that the exact proration factor for
contingent shares is not yet known.
The spokesman further noted that the net proceeds from the offering,
approximately $6.4 million, will be used to fund the planned exploration
activities and legal expenses of its majority-held subsidiary, Coastal Petroleum
Company.
The unit, which has an 800,000-acre offshore leasehold along Florida's Gulf
Coast, is seeking a drilling permit for an exploration program off the Panhandle
area; and is involved in protracted litigation with the State of Florida.
-RMB-
Contact: James R. Joyce, at (203) 245-7664
