TPC Announces Private Placement and Grant of Options

Calgary, Alberta (FSCwire) - Tenth Avenue Petroleum Corp. ("TPC" or the “Corporation”) (TSXV: TPC) wishes to announce a proposed non-brokered private placement of 2,000,000 units at a price $0.05 per unit for gross proceeds of $100,000.  Each unit will be comprised of one common share in the capital of TPC and one common share purchase warrant.  Each warrant will entitle the holder to purchase one common share at a price of $0.0.075 per common share exercisable within 3 years of issuance. All of the securities issued under the private placement will be subject to a four month resale restriction and will contain a legend which will detail the resale restriction.   The offering is subject to approval from the TSX Venture Exchange.  Two of four placees are insiders: (a) Gregory J. Leia Professional Corporation (carrying on business under the trade name Wolff Leia, Barristers and Solicitors) for 1,000,000 units ($50,000)(Gregory J. Leia is an officer and director); and (b) Craig Leggatt, an officer and director, for 200,000 units ($10,000). 

TPC wishes to announce the granting of 510,000 options to acquire 510,000 common shares (170,000 each to the 3 directors Gregory J. Leia, Gerry Roe and Craig Leggatt).  The options are exercisable at $0.075 for 5 years from the date of grant. The grant is subject to approval by the TSX Venture Exchange.

About TPC

Tenth Avenue Petroleum Corp. is a junior oil and gas exploration company.  For further information, please contact:

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