CALGARY, Alberta, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (the “Corporation”) (TSX Venture:TVL) reports that due to the oversubscription of its previously announced non-brokered private placement (the “Private Placement”), the Corporation is increasing the size of the Private Placement.
The Corporation will now issue 11,826,000 million common shares (“Shares”) on a “flow-through” basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada) at $0.46 per Share for total gross proceeds of approximately $5.4 million. 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 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 activities including a recently licensed 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. 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 103,496,752 common 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 $5.4 million 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.
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
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.
