CALGARY, ALBERTA–(Marketwired – Nov. 22, 2016) – Traverse Energy Ltd. (the “Corporation“) (TSX VENTURE:TVL) intends to complete a non-brokered private placement (the “Private Placement“) of up to of 5,125,000 common shares of the Corporation for total gross proceeds of $2,245,000.
Of the total number of common shares to be issued by the Corporation (i) up to 1,875,000 common shares will be issued at $0.40 per share (“Common Shares“); and (ii) up to 3,250,000 common shares will be issued on a “flow-through” basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada) at $0.46 per share (“Flow-Through Shares“).
Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of the approval of the TSX Venture Exchange.
The Corporation intends to use the proceeds from the issuance of the Flow-Through Shares to fund a portion of its exploration activities in the province of Alberta and from the issuance of the Common Shares for general corporate purposes.
About the Corporation
The Corporation is a junior oil and natural gas exploration and production company. The common shares of the Corporation are currently listed on the TSX Venture Exchange under the trading symbol “TVL”. Upon the completion of the Private Placement, there will be 83,769,402 common shares issued and outstanding.