Non-brokered offering will finance exploration and drilling activities
By Devika Patel
Knoxville, Tenn., June 21 - Traverse Energy Ltd. said it will conduct a C$1.01 million non-brokered private placement of stock.
The company will sell 1.5 million flow-through common shares at C$0.67 apiece. The price per share is a 3.08% premium to C$0.65, the June 20 closing share price.
Proceeds will be used for exploration and drilling activities in Alberta and 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
|
| Amount: | C$1,005,000
|
| Shares: | 1.5 million
|
| Price: | C$0.67
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 21
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.65 at close June 20
|
| Market capitalization: | C$27.44 million
|
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