By Sheri Kasprzak
Atlanta, Nov. 24 - Elkwater Resources Ltd. said late Tuesday it raised C$2 million in a private placement of shares.
The company sold 5 million flow-through common shares at C$0.40 each.
Elkwater is a Calgary, Alta.-based petroleum and natural gas development company. The company plans to use the proceeds from the financing for exploration expenses.
| Issuer: | Elkwater Resources Ltd.
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| Issue: | Stock
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| Amount: | C$2 million
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| Shares: | 5 million flow-through shares
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| Price: | C$0.40
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| Warrants: | No
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| Announcement date: | Nov. 23
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| Stock price: | C$0.36 at close Nov. 23
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