Non-brokered sale of flow-through shares to fund exploration, drilling
By Marisa Wong
Madison, Wis., July 5 - Traverse Energy Ltd. said it is increasing the size of its non-brokered private placement of stock to C$1.41 million from C$1.01 million due to oversubscription.
The company now plans to issue up to 2.1 million flow-through common shares at C$0.67 apiece. The company initially priced 1.5 million flow-through shares on June 21. The price per share is a 3.08% premium to C$0.65, the June 20 closing share price.
Proceeds will be used for exploration and drilling activities in Alberta and for working capital requirements.
Traverse is a junior oil and gas exploration and production company based in Calgary, Alta.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1,407,000, increased from C$1,005,000
|
| Shares: | 2.1 million, increased from 1.5 million
|
| Price: | C$0.67
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 21
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.67 at close July 4
|
| Market capitalization: | C$28.28 million
|
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