Rally Energy Expands Egyptian Drilling Program
Rally Energy has entered into an agreement with Jennings Capital Inc. to raise a maximum of $8.5 million. Net proceeds are to be used to fund development drilling in Rally's Issaran oilfield in Egypt. A maximum of $2.5 million is to be raised through a Unit Offering of Common Shares and Warrants, and a maximum of $6.0 million is to be raised through an offering of 12% Unsecured Convertible Debentures.
Proceeds from this offering will allow Rally to proceed immediately with commencement of an expanded drilling program in Egypt. Development drilling will primarily target large undrilled areas of the Nukhul formation that have been identified.