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Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange (the "Exchange"). Closing of the Private Placement is expected to occur by the end of the month.
The Corporation intends to use the proceeds from the Private Placement to fund a portion of its exploration drilling activities in the province of Alberta and other working capital requirements.
About the Corporation
The Corporation is a junior oil and natural gas exploration and production company with a substantial land base in Alberta. The Corporation's management will continue to evaluate drilling and acquisition opportunities within Canada. The common shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL". Upon the completion of the Private Placement, there will be 24,950,000 Common Shares issued and outstanding.
Forward-Looking Information
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements with respect to the Corporation's completion of the Private Placement and the use of proceeds from the Private Placement. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information includes management's ability to raise gross proceeds of $1,800,000 and the failure to obtain final approval from the TSX Venture Exchange. Although the Corporation believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE: Traverse Energy Ltd.
Traverse Energy Ltd. Laurie Smith President and Chief Executive Officer (403) 264-9223 Traverse Energy Ltd. 800, 839 - 5th Avenue S.W. Calgary, Alberta T2P 3C8
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