Avere cancels C$7.2 million private placement of subscription receipts

By Devika Patel

Knoxville, Tenn., April 19 - Avere Energy Inc. said that, despite its best efforts, it was unable to raise the required funds for a reactivation and has cancelled plans for a C$7.2 million private placement of subscription receipts.

The deal priced Feb. 9.

The natural gas explorer is based in Calgary, Alta.

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