Gale Force Closes Private Placement
Gale Force has closed its previously announced private placement, raising gross proceeds of $1,741,500 through the issuance of 6,966,000 Units at $0.25 per Unit, subject to obtaining final approval from the TSX Venture Exchange. Each Unit is comprised of one common share and one half of a Warrant with an exercise price of $0.375 expiring one year from the date of issuance.
In connection with the private placement, the Corporation shall also issue 114,500 Units and pay $112,500 in finder's fees to finders who at arm's-length to the Corporation.
Final approval from the TSX Venture Exchange will be granted when the Corporation meets various conditions including the filing on SEDAR of a full disclosure document providing all pertinent details about the purchase of substantially all the assets of Buccaneer Energy Corporation, as announced on February 10, 2010. Upon obtaining final Exchange approval, the Corporation intends to close each of the transactions that were announced on February 10, 2010, now expected in approximately one week.