Sure Energy Inc. has completed its previously announced non-brokered private placement of 4,999,091 common shares in the capital of Sure ("Common Shares") at a subscription price of $1.10 per Common Share and 1,892,907 Common Shares issued on a "flow-through share" basis ("Flow-Through Shares") at a subscription price of $1.32 per Flow-Through Share, for total gross proceeds of approximately $7,997,700.
Sure has paid a commission to certain persons in respect of the gross proceeds raised by each such person.
The proceeds from the Offering will be used to increase Sure Energy's 2008 capital budget to $15 million. Sure Energy continues to remain in a strong financial position with $8 million in cash, no debt and an $8.5 million
The Company is also pleased to announce the drilling of a 100% working interest natural gas discovery in Central Alberta. The well has flow tested at restricted rates over a 5 day period at 1 mmcf/d at low draw down and is awaiting tie-in and should be on production by September 2008 assuming current industry conditions.
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