Albion Petroleum plans to raise C$6 million from private placement

Deal conducted in connection with qualifying transaction with Sundance

By Devika Patel

Knoxville, Tenn., June 16 – Albion Petroleum Ltd. said it will raise up to C$6 million in a private placement. The deal will be conducted in connection with the company’s qualifying transaction with Sundance Minerals Ltd.

Proceeds will be used for a work program and exploration and development of properties, working capital, debt repayment and other corporate purposes.

The capital pool company is based in Calgary, Alta.

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