Exhibit 99.3 - Letter to Shareholders
C O A S T A L C A R I B B E A N O I L S & MI N E R A L S, LTD.
September 12, 2000
To: COASTAL CARIBBEAN OILS & MINERALS, LTD. SHAREHOLDERS
Dear Fellow Shareholders:
The Company is offering for sale, to its shareholders only, shares
of its common stock to fund its operations and litigation costs. For every
ten (10) shares of common stock held of record by a shareholder at the close
of business on September 12, 2000, that shareholder will be entitled to
purchase three (3) shares of common stock (the "Guaranteed Allotment") at
the subscription price of $1.00. In addition, each shareholder who purchases
the entire Guaranteed Allotment will be permitted (at the same time) to
subscribe for the purchase of additional shares which are unsubscribed for
by other shareholders (the "Contingent Allotment:").
Enclosed with this letter are:
1.) The PROSPECTUS, by which your Company is offering, to its
shareholders only, the right to subscribe to its common stock.
2.) A nontransferable SUBSCRIPTION CARD which should be completed
and returned to the subscription agent in the enclosed REPLY ENVELOPE, if
you wish to purchase shares of the Company.
3.) INSTRUCTIONS for completing the SUBSCRIPTION CARD.
THE ENCLOSED SUBSCRIPTION CARD IS VALUABLE. PLEASE NOTE,
HOWEVER, THAT YOUR SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED PRIOR
TO 4:30 P.M., EASTERN DAYLIGHT TIME, ON OCTOBER 23, 2000.
If your shares are held in the name of your broker or nominee, you
will not receive a subscription card since the subscription agent will mail
cards only to shareholders of record; therefore, if you wish to subscribe,
please instruct your account representative as soon as possible.
Subscription information and additional copies of the offering
materials are available from Morrow and Co. Inc. Call Toll-Free
(800)662-5200 or (212)754-8000.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ Benjamin W. Heath
Benjamin W. Heath, President
