Enterprise Energy Resources' wholly owned subsidiary, EERL Energy Limited Partnership ("EERL"), has completed its previously announced acquisition of a 50% interest in Chimney Sweep Oil and Gas (US) L.L.L.P. ("Chimney Sweep").
Concurrent with the closing of the acquisition, the Company completed its previously announced non-brokered private placement of 16,666,666 units of the Company (the "Units") at a price of $0.30 per Unit for gross proceeds of $5,000,000. The Units are subject to a four month hold period expiring June 26, 2011.
Each Unit consists of one common share and one-half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant will entitle the holder to purchase an additional common share for a period of 24 months from the closing date.
In accordance with the policies of the TSX Venture Exchange, the exercise price for the Warrants has been increased to $0.50 per Warrant.
The proceeds of the private placement will be used to fund the investment by EERL in Chimney Sweep.
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