Cheyenne Energy reports that the flow-through share issue that was announced on November 25, 2003 was closed on December 29, 2003 having received acceptance from the TSX Venture Exchange for the non-brokered private placement. The Company issued 340,000 shares on a flow-through basis at a price of $1.00 per share for gross proceeds of $340,000. These shares are subject to a hold period ending April 30, 2004 and purchasers of the issue are entitled to a tax deduction of 100% of the purchased amount in 2003. Fees of $10,450 were incurred in the selling of the shares. The Company's directors and officers purchased 22,000 shares for $22,000, representing 6.5% of the entire issue.
As a result, the Company will be proceeding with its plans to drill on the Company's Northern Alberta, Canada exploration acreage in 2004. The Company has an 80% working interest in 1,920 acres (net 1,536 acres) in the area.