Exceed Energy suspends C$2 million private placement of stock

By Devika Patel

Knoxville, Tenn., Dec. 6 - Exceed Energy Inc. announced it is suspending an engagement agreement with Integral Wealth Securities Ltd. for a private placement of shares to raise up to C$2 million. The placement priced on Sept. 7.

The company said it determined it was not in the shareholders' best interest to proceed with the deal of up to 8 million class A flow-through common shares, which were to be sold at C$0.25 apiece.

Calgary, Alta.-based Exceed is an oil and gas company focused on western Canada.

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