Emerald Bay Energy has completed their previously announced private placement. Pursuant to the private placement, 2,916,667 flow-through common shares are to be issued at a price of $0.30 per flow-through common share, for aggregate consideration of $875,000. The proceeds will be used to complete drilling programs. All of the common shares issued pursuant to the private placement are subject to a four-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange. Finder's fees totaled an aggregate of $69,600. Emerald Bay also issued an aggregate of 290,000 finder's fee warrants, each warrant entitling the holder to acquire one common share in Emerald Bay at a price of $0.30 for a period of 12 months from the date of issue.
Emerald Bay is a Calgary-based energy company. The Company's growth strategy is to continue to build a diversified asset base through exploration and production. Exploration and production activities are focused on creating shareholder value through the development of its land base as well as increasing its reserves and production. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY".