$4.1 Million was raised end of November
12. Subsequent Events
(a) On November 23, 2011 a cash call in the amount of $956,652 was paid by the Company for 37.5% of the cost for a multi stage horizontal well fracture stimulation program relating to the oil and gas interests in Bigstone, Alberta. The fracture stimulation operations were completed by the middle of October and reservoir performance testing was underway.
(b) On November 29, 2011, the Company closed a private placement of 10,900,000 flow-through units at a price of $.20 per unit for total gross proceeds of $2,180,000. 27
(c) On November 29, 2011, the Company closed a private placement for 9,605,000 units at a price of
.20 for cash proceeds of $1,921,000. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one common share at a price of
.30 per share for a period of two year.