Suroco Energy has completed the first tranche of its previously announced non-brokered private placement. Aggregate gross proceeds for this closing of the Private Placement were $2,030,363.75 with 9,228,928 common shares of the Corporation being issued. The Corporation expects to close the final tranche of the Private Placement in the near future.
The Shares issued pursuant to this closing of the Private Placement are subject to a hold period and may not be sold or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until April 10, 2009.
The Corporation intends to use the proceeds of the Private Placement to fund a near term oil field development drilling and 3D seismic program in one of the Corporation's assets in the Putumayo Basin of Colombia.
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