Contact Exploration Inc. (
TSX: V.CEX,
Stock Forum) rose 8% to 41 cents Monday after the company said it plans to proceed with a non brokered private placement of up to 10.2 million shares at 39 cents, plus 13.7 million shares to be issued on a “flow-through” basis at 44.5 cents.
Proceeds are expected to be $10.1 million and will fund the company’s oil and gas exploration and development program, mainly in Atlantic Canada,
the company said in a press release.