Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) intends to complete a non-brokered private placement (the "Private Placement") of up to of 5 million common shares ("Common Shares") and 2,375,000 warrants ("Warrants") of the Corporation for total gross proceeds of $2 million.
The Private Placement will consist of:
Each Warrant will be exercisable at $0.50 for one common share of the Corporation for a period of 12 months from the date of closing of the Private Placement.
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 and for general corporate purposes.
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, and prior to the exercise of the Warrants, there will be 91,644,402 common shares issued and outstanding.
SOURCE: Traverse Energy Ltd.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.