GREY:PENFF - Post by User
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wintersun10on Feb 10, 2011 10:27am
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Pennant Energy arranges $750,000 placement
Pennant Energy arranges $750,000 placementPennant Energy arranges $750,000 placement
2011-02-09 19:16 ET - News Release
Mr. Thomas Yingling reports
Pennant Energy Inc. has arranged anon-brokered private placement to raise up to $750,000. Up to $600,000of the private placement will be raisedon a flow-through basis as to a share only at the price of 15 cents. Upto $150,000 of the private placementwill be raised on a non-flow-through basis at a price of 15 cents perunit with one-half non-transferable sharepurchase warrant. Each two share purchase warrants will entitle theholder to purchase one additional non-flow-through common share of thecompany at a price of 20 cents per share for a period of one year.
The proceeds of the private placement will be used for oil and natural gas liquid (NGL) exploration, andgeneral working capital.
A finder's fee may be paid pursuant to the financing, in accordance with the policies of the TSX VentureExchange.
The above is subject to the approval of the regulatory authorities.