Triangle Petroleum Enters Agreement for $3MM Financing
Triangle has entered into a best efforts financing agreement with Wolverton Capital Markets, a division of Wolverton Securities Ltd. and Research Capital Corporation to offer flow-through common shares on a private placement basis at a price of $0.25 Cndn per flow-through share for gross proceeds of $3 million Cndn (US $2.39 million).
Proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expenses on the Company's shale gas projects in the Maritimes Basin prior to December 31, 2009. These qualifying expenditures will be renounced to subscribers of the flow-through shares effective on or before December 31, 2008.
The offering is subject to all necessary regulatory approvals. It is anticipated that certain insiders of the Company will participate in this financing.
- Triangle Zeroes in on Bakken Shale Play in North Dakota (Feb 08)
- Triangle Targets North American Shale Plays, Appoints New CEO (Dec 01)
- Triangle Petroleum Increases Working Interest in Core Area to 87% (Jun 11)