RE: RE: RE: 3rd Kakwa Well !!! SP was capped for this ?
Contact arranges $1.5-million private placement
2012-12-14 01:54 ET - News Release
Mr. Steve Harding reports
CONTACT EXPLORATION ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES
Contact Exploration Inc. is carrying out a non-brokered private placement of common shares in the capital of the company to be issued on a flow-through basis pursuant to the Income Tax Act (Canada). Contact expects to issue a minimum of 6.25 million flow-through shares in the private placement, at a price of 24 cents per share, for minimum aggregate gross proceeds of $1.5-million.
Contact expects to use the proceeds of the private placement to incur eligible Canadian exploration expenses to finance its continuing capital programs prior to Dec. 31, 2013. These qualifying Canadian exploration expense expenditures will be renounced to subscribers, effective Dec. 31, 2012.
The flow-through shares to be issued pursuant to the private placement will be subject to a four-month hold period from the closing date.
The private placement is subject to approval from the TSX Venture Exchange.
We seek Safe Harbor.