Copyright of the Daily Oil Bulletin 2018
Traverse Announces Private Placement Financing
Traverse Energy Ltd. intends to complete a non-brokered private placement of up to 7.6 million common shares 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 46 cents per share for total gross proceeds of approximately $3.5 million.
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.
Traverse intends to use the proceeds from the private placement to fund a portion of its exploration activities in Alberta, including in connection with a recently licensed horizontal well in the East Duvernay oil basin. The Chigwell lease is currently under construction with an anticipated spud date in the third week of October.