TRAVERSE ENERGY LTD. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING
DATE: October 24, 2017
Calgary, Alberta – Traverse Energy Ltd. (the “Corporation”) (TSX Venture: TVL) is pleased to announce that it has successfully closed the first tranche of its previously announced non-brokered private placement (the “Private Placement”) of common shares of the Corporation (“Shares”) issued on a “flow through” basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada). The Corporation issued 10,739,000 Shares for gross proceeds of approximately $4.9 million.
The Shares issued are subject to a hold period under applicable securities laws until February 25, 2018.
The Corporation intends to use the proceeds from the Private Placement to fund a portion of its exploration activities in the province of Alberta, including a recently spudded horizontal well at Chigwell in the East Duvernay oil basin.
About the Corporation
The Corporation is a junior oil and natural gas exploration and production company in Alberta. The Shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol “TVL”. There are currently 102,409,752 Shares issued and outstanding.
For more information, please contact:
Traverse Energy Ltd.
President and Chief Executive Officer
780, 839 – 5th Avenue S.W.
Calgary, Alberta T2P 3C8
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.