Energy Exploration wraps $1.97 million private placement of convertible debt

By Sheri Kasprzak

New York, Dec. 8 - Energy Exploration Technologies, Inc. said it closed a private placement of convertible debt for $1,975,000.

The offering was oversubscribed from its $1.5 million maximum amount.

As part of the offering, two of the company's directors agreed to convert their existing loans in the amount of $213,600 into convertible debt.

The full details of the details could not be determined at press time Thursday.

Proceeds will be used for business operations and the pursuit of commercial agreements to use the company's SFD Survey System in North America and internationally.

Based in Calgary, Alta., Energy Exploration develops stress field detector technology for use in the oil and natural gas exploration sector.

Thursday, the company's stock closed unchanged at $1.15.

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