Tanager Energy Inc. Announces Increase in Private Placement to $600,000
12 6월 2014 - 3:13AM
Marketwired
Tanager Energy Inc. Announces Increase in Private Placement to
$600,000
LETHBRIDGE, ALBERTA--(Marketwired - Jun 11, 2014) - Mr. John
Squarek, President and CEO, of Tanager Energy Inc. ("Tanager" or
the "Company") (TSX-VENTURE:TAN) announces that Tanager has
increased its previously announced Private Placement to 7,500,000
units from 6,250,000 units (the "Units") at a price of $0.08 per
Unit (the "Private Placement"). This also increases the gross
proceeds for the Corporation to $600,000 from $500,000. Each Unit
consists of one (1) common share and one (1) common share purchase
warrant. Each warrant entitles its holder thereof to purchase one
additional common share in the capital of Tanager for a period
expiring on May 30, 2016, at an exercise price of $0.15 per common
share.
As indicated in a
Letter of Intent executed by the Company and Viking Investments
Group, Inc. ("Viking") on May 16th, 2014, Viking intends to
subscribe for 3,125,000 Units for $250,000. In addition, AOD
Holdings (USA) Ltd has indicated it intends to subscribe for
3,125,000 Units for $250,000.
Insiders of the
Company may subscribe for in excess of 25% of the aggregate
proceeds of the Offering, constituting a "related party
transaction" as defined under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). The transaction will be exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 as neither the fair market value of any shares issued to or
the consideration paid by such persons will exceed 25% of the
Company's market capitalization.
Net proceeds from
the Private Placement will be used for acquisition or farm-in of
producing oil and gas properties and for general corporate
purposes.
The closing date of
the Private Placement which is non-brokered is now scheduled to
close on or before June 30, 2014 and is subject to the normal
approvals by the TSX Venture Exchange.
Tanager Energy Inc.
is a Lethbridge, Alberta based corporation engaged in the
exploration for oil and gas and minerals, with an operations office
in Calgary, Alberta. The Corporation's common shares are listed on
the TSX Venture Exchange under the trading symbol "TAN".
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Tanager Energy Inc.John Squarek, BSc, P. Eng., MBAPresident and
Chief Executive Officer403-388-0969john@tanagerenergy.com
Tanager Energy Inc. (TSXV:TAN)
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