Result Energy Inc. has completed an expedited non-brokered private placement of common shares which consisted of 1,250,000 common shares issued on a flow-through basis for income tax purposes at $0.40 per share.
The gross proceeds of $500,000 are intended to be used to finance exploration and development activities, and for general corporate purposes. Result is required to incur qualifying expenditures totaling $500,000 by December 31, 2008 and will renounce this amount of Canadian Exploration Expenses ("CEE") to subscribers effective December 31, 2007.
The securities issued will be subject to a four-month hold period from the date of closing. Following completion of this placement, Result has 56,141,638 common shares outstanding.
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