Proceeds slated for exploration, drilling in Alberta, working capital
By Devika Patel
Knoxville, Tenn., Oct. 24 - Traverse Energy Ltd. said it plans a C$4.09 million non-brokered private placement of 5.3 million shares.
The company will sell 3.8 million flow-through shares at C$0.80 each and 1.5 million shares at C$0.70 apiece.
The price of the flow-through shares is a 6.67% premium to the Oct. 21 closing share price of C$0.75. The price of the common shares is a 6.67% discount to that price.
Proceeds will be used for the company's exploration and drilling activities in Alberta and other working capital requirements.
Traverse Energy, based in Calgary, Alta., is a junior oil and gas exploration and production company.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Flow-through shares, shares
|
| Amount: | C$4.09 million
|
| Shares: | 5.3 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 24
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.75 at close Oct. 24
|
| Market capitalization: | C$28.86 million
|
|
|
| Flow-through shares
|
| Amount: | C$3.04 million
|
| Shares: | 3.8 million
|
| Price: | C$0.80
|
|
|
| Shares
|
| Amount: | C$1.05 million
|
| Shares: | 1.5 million
|
| Price: | C$0.70
|
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