news CALGARY, Dec. 10, 2012 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSX-V:PXL) is pleased to announce that it proposes to issue and sell on a non-brokered basis, 1,462,512 common shares of Palliser on a flow-through basis (the "Flow-through Shares") at an issue price of $0.82 per Flow-Through Share resulting in gross proceeds of $1,199,260. Palliser will pay finder's fees of an aggregate of $60,000 ( 6% on certain of the subscriptions) to net $1,139,260 from the Offering.
Proceeds from the issuance of the Flow-Through Shares under the Offering will be used by Palliser to incur Canadian exploration expenses (the "Qualifying Expenditures") prior to December 31, 2013. Palliser will renounce the Qualifying Expenditures to subscribers of the Flow-through Shares for the fiscal year ended December 31, 2012.
The Offering is scheduled to close on or about December 12, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange, and other applicable securities regulatory authorities.