Proceeds slated for exploration, drilling in Alberta, working capital
By Devika Patel
Knoxville, Tenn., Nov. 17 - Traverse Energy Ltd. said it settled a C$2.92 million non-brokered private placement of 3,725,450 shares. The deal priced for C$4.09 million on Oct. 24.
The company sold 3,134,450 flow-through common shares at C$0.80 each and 591,000 common shares at C$0.70 apiece.
The price of the flow-through shares is a 6.67% premium to the Oct. 21 closing share price of C$0.75. The price of the common shares is a 6.67% discount to that price.
Insiders participated in the offering.
Proceeds will be used for the company's exploration and drilling activities in Alberta and other working capital requirements.
Traverse Energy, based in Calgary, Alta., is a junior oil and gas exploration and production company.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$2,921,260
|
| Shares: | 3,725,450
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 24
|
| Settlement date: | Nov. 17
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.75 at close Oct. 24
|
| Market capitalization: | C$28.86 million
|
|
|
| Flow-through common shares
|
| Amount: | C$2,507,560
|
| Shares: | 3,134,450
|
| Price: | C$0.80
|
|
|
| Common shares
|
| Amount: | C$413,700
|
| Shares: | 591,000
|
| Price: | C$0.70
|
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