GREY:CLLZF - Post by User
Comment by
Emili0on Jun 05, 2009 10:26am
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Post# 16046719
RE: the next release better be commencement
RE: the next release better be commencementI copied and pasted this from the May 27, 2009 News Release from CLL announcing the pricing of equity offering. It outlines what they plan on using the money for. Should be getting a news release soon and when we do up she goes.
Emili0
"The net proceeds of the Offering will be added to working capital to fund the Corporation's
capital expenditures and for general corporate purposes, which may include a portion of the
capital costs associated with the construction of the Corporation's second 10,000 bbl/d steam
assisted gravity drainage ("SAGD") oil sands project ("Algar"), once a decision to reinstate
construction at Algar and drill 15 SAGD well pairs is made. While such a decision has not yet
been made, the Corporation, in accordance with its strategy to pre-fund capital projects, will add
to its liquidity through the net proceeds of the Offering to position itself to reinstate construction
at Algar in a timely manner."