Non-brokered offering will finance exploration and drilling activities
By Devika Patel
Knoxville, Tenn., Nov. 19 - Traverse Energy Ltd. said it plans a C$2.02 million non-brokered private placement of stock.
The company will sell 2.4 million flow-through common shares at C$0.84 apiece. The price per share is a 12% premium to C$0.75, the Nov. 18 closing share price.
Proceeds will be used for exploration and drilling activities in Alberta.
Traverse Energy, based in Calgary, Alta., is a junior oil and gas exploration and production company.
Issuer: | Traverse Energy Ltd.
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Issue: | Flow-through common shares
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Amount: | C$2,016,000
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Shares: | 2.4 million
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Price: | C$0.84
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Nov. 19
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Stock symbol: | TSX Venture: TVL
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Stock price: | C$0.75 at close Nov. 18
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Market capitalization: | C$37.13 million
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