Hemisphere Energy announces non-brokered private placement of CDE flow-through common shares for total gross proceeds of up to $875,000
Hemisphere Energy Corporation ("Hemisphere" or the "Company") (TSX-V: HME) is pleased to announce a non-brokered private placement offering (the "Offering") of up to 3,125,000 common shares of Hemisphere ("Flow-Through Shares") at a price of $0.28 per Flow-Through Share to be issued on a Canadian Development Expense flow-through basis pursuant to the provisions of the Income Tax Act (Canada) for gross proceeds to the Company of up to $875,000.
Hemisphere intends to use the proceeds from the Flow-Through Shares to continue development in its Atlee Buffalo Upper Mannville F and G oil pools.
Closing of the Offering is expected to occur on or about April 26, 2017 and 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. All securities issued under the Offering will be subject to a statutory four-month and one day hold period. While the Offering is being conducted on a non-brokered basis, the Company may pay cash finder's fees in accordance with the rules and policies of the TSX-V of up to 6% of the proceeds sold by such finders.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a producing oil and gas company focused on developing conventional oil assets with low risk drilling opportunities. Hemisphere plans continual growth in production, reserves, and cash flow by drilling existing lands and executing strategic acquisitions. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME".
SOURCE: Hemisphere Energy Corporation
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.