Triple 8 Energy Ltd.: $740,000 Private Placement
June 02 2008 - 7:10PM
Marketwired Canada
Triple 8 Energy Ltd. (the "Company"), which trades on the TSX Venture Exchange
(TSX VENTURE:TEE), wishes to announce that effective June 2, 2008, Mr. Kayton
Chow has resigned as a director of the Company. Mr. Wendel Muhlbach has resigned
as the Secretary-Treasurer and Chief Financial Officer of the Company, but will
continue as a director. Mr. Tarik Elsaghir, who is a director of the Company,
has been appointed as the Secretary-Treasurer and Chief Financial Officer of the
Company.
The Company intends to undertake a private placement of up to 2,000,000 Units,
each Unit consisting of one common share of the Company having an issue price of
$0.37 and one share purchase warrant having an exercise price of $0.55 per
share, expiring July 2, 2009. It is anticipated that insiders of the Company
will participate in this private placement and may acquire more than 25% of the
Units issued under this private placement. The proceeds are expected to be used
for working capital.
The directors have granted a stock option to Tarik Elsaghir, a director and the
new Chief Financial Officer of the Company, for the purchase up to 164,000
common shares in the capital stock of the Company at an exercise price of $0.465
on or before June 2, 2013.
The completion of the proposed private placement and the granting of the stock
option are subject to the approval of the TSX Venture Exchange.
DATED at Calgary, Alberta this 2nd day of June, 2008.
TRIPLE 8 ENERGY LTD.
Dickson P. Chow, President
Triple 8 Energy Ltd. (TSXV:TEE)
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