Non-brokered offering will finance exploration and drilling activities
By Devika Patel
Knoxville, Tenn., May 23 - Traverse Energy Ltd. said it plans a C$1.5 million non-brokered private placement of stock.
The company will sell 1.67 million flow-through common shares at C$0.60 apiece and 750,000 flow-through common shares at C$0.67 apiece. The prices per share are 5.26% and 17.54% premiums to C$0.57, the May 22 closing share price.
Proceeds will be used for exploration and drilling activities in Alberta.
Traverse Energy, based in Calgary, Alta., is a junior oil and gas exploration and production company.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1,504,500
|
| Shares: | 2.42 million
|
| Prices: | C$0.67 (for 750,000 shares), $0.60 (for 1.67 million shares)
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 23
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.57 at close May 22
|
| Market capitalization: | C$25.43 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
