The Corporation also announces that it is proposing a non-brokered private placement of secured convertible debentures to raise gross proceeds of up to $100,000 from eligible investors. The debenture matures 3 months from the date of issue and is convertible, at the option of the holder, into Units of the Corporation at a price of $0.08 per Unit. Each Unit will consist of one common share and on common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Corporation for $0.12 per common share within 12 months from the date of grant.
The proposed private placement and secured convertible debenture transactions are subject to stock exchange approval and all common shares and underlying securities will be subject to a standard four-month hold period from their date of issue.
The proceeds from the proposed private placement and secured convertible debenture financings will be used by the Corporation to fund the exploration and development commitments for its recently acquired Pasquia Hills oil shale permits as announced in a press release dated June 20th, 2007.
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