Traverse Energy Ltd. Announces Private Placement Financing
October 24 2011 - 3:17PM
Marketwired
Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) intends
to complete a non-brokered private placement (the "Private
Placement") of up to 5,300,000 common shares of the Corporation
("Shares") for total gross proceeds of $4,090,000.
Of the total number of Shares to be issued by the Corporation
(i) up to 3,800,000 Shares will be issued on a "flow through" basis
eligible for the renunciation of Canadian exploration expenses
within the meaning of the Income Tax Act (Canada) (the "Tax Act")
at $0.80 per Share; and (ii) up to 1,500,000 Shares will be issued
at $0.70 per share.
Completion of the Private Placement is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory approvals including the approval of the TSX
Venture Exchange.
The Corporation intends to use the proceeds from the Private
Placement to fund a portion of its exploration and drilling
activities in the province of Alberta and other working capital
requirements.
About the Corporation
The Corporation is a junior oil and natural gas exploration and
production company with a substantial land base in Alberta. The
common shares of the Corporation are currently listed on the TSX
Venture Exchange under the trading symbol "TVL". Upon the
completion of the Private Placement, there will be 43,784,461
Shares issued and outstanding.
Forward-Looking Information
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes statements with respect to the Corporation's
intention to complete the Private Placement and the use of proceeds
from the Private Placement. Material assumptions and factors that
could cause actual results to differ materially from such
forward-looking information includes management's ability to raise
gross proceeds of $4,090,000 and the failure to obtain final
approval from the TSX Venture Exchange. Although the Corporation
believes that the material assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur.
The Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of the content of this release.
Contacts: Traverse Energy Ltd. Laurie Smith President and Chief
Executive Officer (403) 264-9223 Traverse Energy Ltd. 780, 839 -
5th Avenue S.W. Calgary, Alberta T2P 3C8
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