By Devika Patel
Knoxville, Tenn., Sept. 14 - Eagle Rock Exploration Ltd. said it will raise up to C$3.8 million from a non-brokered placement of flow-through shares.
The company will sell up to 7,600,000 flow-through common shares at C$0.50 apiece.
The shares will have a four-month hold period.
Closing is expected around Sept. 28.
Proceeds will be used for Eagle Rock's proposed five well drilling program in the Red Coulee/Coutts area of southern Alberta.
Calgary, Alta.-based Eagle Rock is an oil and natural gas exploration company.
| Issuer: | Eagle Rock Exploration Ltd.
|
| Issue: | Flow-through shares
|
| Amount: | C$3.8 million (maximum)
|
| Shares: | 7,600,000 (maximum)
|
| Price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 14
|
| Stock symbol: | TSX Venture: ERX
|
| Stock price: | C$0.36 at close Sept. 13
|
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