pcNewsWire – Traverse Energy Ltd. (TSX-V: TVL) has completed its previously announced private placement of flow-through CEE and CDE shares and non-flow-through units for gross proceeds of $2 million.
Press Release
Traverse Energy Ltd. Closes Private Placement
May 17, 2017 16:01 ET | Source: Traverse Energy Ltd.
CALGARY, Alberta, May 17, 2017 (GLOBE NEWSWIRE) — Traverse Energy Ltd. (the “Corporation”) (TSX Venture:TVL) announces that it has closed its previously announced private placement (the “Private Placement”) of common shares (“Shares”) and warrants (“Warrants”) for gross proceeds of $2 million. The Shares and Warrants are subject to a hold period under applicable securities law until September 18, 2017. Pursuant to the Private Placement:
1,937,550 Shares were issued on a “flow-through” basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada)(the “Tax Act”);
1,151,250 Shares were issued on a “flow-through” basis eligible for the renunciation of Canadian development expenses within the meaning of the Tax Act;
1,937,550 Shares were issued with no flow-through tax benefits; and
2,120,025 Warrants were issued that are exercisable until May 16, 2018 at a price of $0.50 per Share.
The Corporation paid an aggregate finder’s fee of $93,000 to three registered brokers in consideration for placing an aggregate of 3,875,000 Shares and 1,296,875 Warrants under the Private Placement. Insiders of the Corporation participated in the Private Placement and purchased an aggregate of 772,500 Shares and 678,750 Warrants or 15.4% of the Shares issued in the Private Placement.
The Corporation intends to use the proceeds from the Flow-Through Shares to fund a portion of its exploration activities in the province of Alberta and from the issuance of the Common Shares and Warrants for general corporate purposes.
About the Corporation
The Corporation is a junior oil and natural gas exploration and production company in Alberta. The common shares of the Corporation currently are listed on the TSXV under the trading symbol “TVL”. There are currently 91,670,752 Shares issued and outstanding.
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.
For more information, please contact:
Traverse Energy Ltd.
Laurie Smith
President and Chief Executive Officer
780, 839 – 5th Avenue S.W.
Calgary, Alberta T2P 3C8
(403) 264-9223
