Traverse Energy Ltd. Announces Increase in Size of Private Placement Financing
06 December 2013 - 4:40AM
Marketwired
Traverse Energy Ltd. Announces Increase in Size of Private
Placement Financing
CALGARY, ALBERTA--(Marketwired - Dec 5, 2013) - Traverse Energy
Ltd. (the "Corporation") (TSX-VENTURE:TVL) reports that due to the
oversubscription of its previously announced non-brokered private
placement, the Corporation is increasing the size of its private
placement of common shares of the Corporation ("Shares") to be
issued on a "flow through" basis eligible for the renunciation of
Canadian development expenses within the meaning of the Income
Tax Act (Canada) at $0.84 per Share (the "Private Placement").
The Corporation will now issue up to 4,000,000 Shares for total
gross proceeds of up to $3,360,000. In addition, the Corporation
will pay a finder's fee on a portion of the Private Placement
consisting of a cash payment equal to 6% of the gross proceeds
raised from certain subscriptions.
Completion of the Private Placement is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory approvals including the approval of the TSX
Venture Exchange.
The Corporation intends to use the proceeds from the Private
Placement to fund a portion of its exploration and drilling
activities in the province of Alberta.
About the Corporation
The Corporation is a junior oil and natural gas exploration and
production company. The common shares of the Corporation are
currently listed on the TSX Venture Exchange under the trading
symbol "TVL". Upon the completion of the Private Placement, there
will be 53,507,911 Shares issued and outstanding.
Forward-Looking Information
This news release contains forward-looking information which
is not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes statements with respect to the Corporation's
intention to complete the Private Placement and the use of proceeds
from the Private Placement. Material assumptions and factors that
could cause actual results to differ materially from such
forward-looking information includes management's ability to raise
gross proceeds of up to $3,360,000 and the failure to obtain final
approval from the TSX Venture Exchange. Although the Corporation
believes that the material assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur.
The Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of the content of this release.
Traverse Energy Ltd.Laurie SmithPresident and Chief Executive
Officer780, 839 - 5th Avenue S.W.Calgary, Alberta T2P 3C8(403)
264-9223
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