Yangarra Resources closed its previously announced private-placement of 1,650,000 flow-through common shares of the Company at a price of $0.60 per flow through common share, and 1,650,000 common shares of the Company at a price of $0.56 per common share, for aggregate gross proceeds of $1,914,000. Each flow-through share is issued on a "flow-through" basis under the Income Tax Act (Canada) and subject to a hold period expiring October 26, 2010. Finder's fees of $114,840 were paid in conjunction with the financing.
The proceeds from the sale of the flow-through common shares will be used the Company to fund qualifying expenditures in relation to the exploration, development, and production of the Company's Willesden Green Area property.
The Company announces it has granted options to purchase 1,600,000 common shares to employees, directors and consultants at a price of $0.60 per share, pursuant to its stock option plan. The options will vest immediately and will expire June 28, 2015.
All reference to dollar values are in Canadian funds.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
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