Traverse Energy Ltd. Closes Private Placement Financing
November 17 2011 - 3:13PM
Marketwired
Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is
pleased to announce that it has successfully completed its
previously announced non-brokered private placement (the "Private
Placement") of 3,725,450 common shares of the Corporation
("Shares"), 3,134,450 of which were issued on a "flow through"
basis within the meaning of the Income Tax Act (Canada) for total
gross proceeds of $2,921,260.
The Corporation received conditional approval of the Private
Placement from the TSX Venture Exchange on October 27, 2011. The
Shares are subject to a hold period under applicable securities
laws until March 18, 2012.
Current insiders of the Corporation participated in the Private
Placement and purchased an aggregate of 530,000 Shares, or 14.2% of
the Private Placement.
The Corporation paid an aggregate finder's fee of $75,706 to
three registered brokers in consideration for placing an aggregate
of 1,577,200 Shares under the Private Placement.
The Corporation intends to use the proceeds from the Private
Placement to fund a portion of its exploration 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. The Corporation's management will continue to
evaluate drilling and acquisition opportunities within Canada. The
Common Shares of the Corporation currently are listed on the TSX
Venture Exchange under the trading symbol "TVL". There are
currently 42,209,911 Common 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
use of proceeds from the Private Placement. The intended use of
proceeds might change if the board of directors of the Corporation
determines that it would be in the best interests of the
Corporation to deploy the proceeds for some other purpose. Undue
reliance should not be placed on such forward-looking 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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