Proceeds slated for exploration, drilling in Alberta, working capital
By Devika Patel
Knoxville, Tenn., April 28 - Traverse Energy Ltd. said it plans a C$5.9 million non-brokered private placement of 7 million shares.
The company will sell 2.6 million flow-through shares at C$0.95 each, 600,000 flow-through shares at C$0.87 each and 3.8 million shares at C$0.80 apiece.
The price of the first flow-through shares is a 5% discount to the April 27 closing share price of C$1.00. The price of the second flow-through shares is a 13% discount to that price, and the price of the common shares represents a 20% discount.
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$5,902,000
|
| Shares: | 7 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 28
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.91 at close April 28
|
| Market capitalization: | C$26.71 million
|
|
|
| Flow-through shares
|
| Amount: | C$2.34 million
|
| Shares: | 2.6 million
|
| Price: | C$0.95
|
|
|
| Flow-through shares
|
| Amount: | C$522,000
|
| Shares: | 600,000
|
| Price: | C$0.87
|
|
|
| Shares
|
| Amount: | C$3.04 million
|
| Shares: | 3.8 million
|
| Price: | C$0.80
|
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