New Issue: Ivory Energy wraps C$1.47 million private placement of units

By Devika Patel

Knoxville, Tenn., Dec. 24 - Ivory Energy Inc. completed a non-brokered private placement of units, raising C$1,473,900. The deal priced on Dec. 7.

The company sold 1,965,200 units at C$0.75 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$1.00 for one year.

Proceeds will be used for exploration.

Ivory Energy is a Calgary, Alta.-based oil and natural gas exploration and drilling company.

Issuer:	Ivory Energy Inc.
Issue:	Units of one common share and one half-share warrant
Amount:	C$1,473,900
Units:	1,965,200
Price:	C$0.75
Warrants:	One half-share warrant per unit
Warrant expiration:	One year
Warrant strike price:	C$1.00
Agent:	Non-brokered
Pricing date:	Dec. 7
Settlement date:	Dec. 24
Stock symbol:	TSX Venture: IV
Stock price:	C$0.61 at close Dec. 7

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