By Devika Patel
Knoxville, Tenn., Oct. 7 - Traverse Energy Ltd. said it will raise C$1.8 million in a non-brokered private placement of units.
The company will sell 2 million units of one common share and one flow-through share at C$0.90 apiece.
Proceeds will be used for exploration and working capital.
Traverse Energy, based in Calgary, Alta., is a junior oil and gas exploration and production company.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Units of one common share and one flow-through share
|
| Amount: | C$1.8 million
|
| Units: | 2 million
|
| Price: | C$0.90
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 7
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.40 at close Oct. 7
|
| Market capitalization: | C$8.38 million
|
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