North Peace to sell C$25 million of common stock in private placement

By Devika Patel

Knoxville, Tenn., June 5 - North Peace Energy Corp. said it plans to raise C$25 million in a private placement of shares.

The company will sell the shares at a price to be determined in the context of the market.

Proceeds will be used to fund all costs associated with the company's two wells, Cyclic Steam Stimulation pilot on Block B South of its Red Earth property, including the acquisition of capital equipment, construction costs and the drilling of two horizontal CSS wells.

The remaining funds will be used to complete the 2008/2009 eight well winter delineation drilling program, advance environment and engineering baseline work for the commercial project and for general corporate purposes.

North Peace is an oil sands company based in Calgary, Alta.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.