CONTACT EXPLORATION ANNOUNCES $3.5 MILLION RAISED This stock will be over $.20 soon - the only question is when. This may prevent them from needing another financing.
stateside
Contact issues 29 million shares for warrant exercises
2012-05-15 08:40 ET - News Release
Mr. Steve Harding reports
CONTACT EXPLORATION ANNOUNCES $3.5 MILLION RAISED FROM WARRANT EXERCISES
Contact Exploration Inc. has issued a total of 29,787,125 common shares of the company, on the exercise of a like number of share purchase warrants of the company. The May, 2010, warrants were issued by Contact with a two-year term in May, 2010, with an exercise price of 12 cents per share. Contact received a total of $3,574,455 in connection with this issuance of common shares, the proceeds of which are expected to be used in the company's upcoming operational programs. Steve Harding, president and chief executive officer, commented: "Contact is pleased with the number of warrantholders who have recognized the value within the company and chose to exercise. We believe we have several exciting opportunities to invest this capital, including follow-up work on our recently announced Kakwa Montney discovery."
In total, 77 per cent of the May, 2010, warrants were exercised over their two-year term, for total proceeds of $4,844,055. All of the May, 2010, warrants have now expired.
We seek Safe Harbor.