Endeavour Energy Arranges $24 Million in Financing
Endeavor Energy has entered into an agreement with Research Capital Corporation to act as lead agent, on a best-efforts basis, for a private placement offering of up to $18,000,000. The Offering will consist of a combination of Common and Flow-Through shares of Endeavor. Research Capital has been granted an option to increase the size of the Offering by up to an additional $6,000,000 in Common Shares, exercisable at any time up to and including the closing of the Offering, potentially bringing the total gross proceeds from the Offering to $24,000,000.
Proceeds from the Offering will be used by Endeavor towards the continued development and exploration of the Company's oil and gas properties located in Canada and Australia. Company President and CEO, Cameron King stated:
"The capital will be utilized to expand our production in Alberta and Saskatchewan by implementing a 23 well drill program over the next 12 months, to advance the exploration of Endeavor's Cooper Basin prospects, Australia, as well as acquire 25 sq. miles of 3D seismic as part of the exploration program at Endeavor's Vic/P60 concession located in the Gippsland Basin, Australia."
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