Stealth Ventures Ltd. announces closing of Second Tranche of Private Placement
October 26 2010 - 10:50PM
PR Newswire (Canada)
CALGARY, Oct. 26 /CNW/ -- SLV tsxventure CALGARY, Oct. 26 /CNW/ -
Stealth Ventures Ltd. ("Stealth") [TSX.V: SLV] is pleased to
announce that it has closed the second (and final) tranche of the
private placement announced on June 17, 2010. The second tranche
consisted of the sale of 3,500,000 units at a price of $0.10 per
unit, for gross proceeds of $350,000, each unit consisting of one
(1) common share and one-half (1/2) of a share purchase warrant,
with each whole warrant entitling the holder to purchase one
additional common share at a price of $0.25 until October 26,
2012. All of the securities issued in connection with the
closing of this second tranche are subject to a hold period in
Canada until February 27, 2011. OUTLOOK The Company continues to
aggressively execute on its primary strategy of growing its
presence in the international oil and gas sector. An immediate
focus was placed on India and by leveraging the Company's core
competency and analyzing and developing high impact unconventional
oil and gas resource plays in India, Stealth is in advanced stages
of negotiation with various companies for acquiring and building up
a land position in India's unconventional resource sector. With its
sustained focus of diversifying out of the North American gas
markets and entering into the emerging international marketplaces,
the Company is drawing on its extensive unconventional
resource-play experience, expertise and technology, to favorably
position itself in the early lifecycle of such resource development
with the ultimate objective of adding shareholder value and growth.
Stealth Ventures Ltd. is a Calgary based junior oil and gas
exploration and development Company focused on the exploration for,
acquisition, development and production of unconventional
hydrocarbon reserves, derived primarily from shale, Coalbed Methane
(CBM) and tight sand reservoirs. STEALTH VENTURES LTD. "Derek
Krivak" Per: DEREK KRIVAK Chief Executive Officer Forward Looking
Statements: This News Release may contain forward-looking
statements based on assumptions and judgments of management
regarding future events or results that may prove to be inaccurate
as a result of exploration and other risk factors beyond its
control, and actual results may differ materially from the expected
results. Disclosure provided herein in respect of BOEs may be
misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this NEWS release.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL
FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
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p/p tabletr valign="top"td valign="top" align="left"Derek Krivak,
CEObr/ Stealth Ventures Ltd.br/ Tel.: 403-514-9998br/ Fax:
403-514-9995br/ Emails: a
href="mailto:investorrelations@stealthventures.ca"investorrelations@stealthventures.ca/a/td
td align="left"Subra Subramaniam, Chairman & Managing
Directorbr/ Stealth Ventures Ltd.br/ Tel: 403-514-9998br/ Fax:
403-514-9995/td/tr/table
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