Hemisphere Energy announced a non-brokered private placement of up to 5,000,000 units at a price of $0.20 per unit. Each unit will consist of one (1) common share and one (1) non-transferable share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $0.30 for a period of one year. The proceeds of up to $1,000,000 being raised in this private placement will be used for development and exploration projects, financing acquisitions and general corporate purposes.
The placement is subject to regulatory acceptance and the Company may pay finders' fees in accordance with the TSX Venture Exchange policy in respect of all or a portion of the funds raised pursuant to this private placement.
Hemisphere Energy also has an inventory of low risk development drilling locations within its Trutch and Sylvan Lake properties. Hemisphere Energy focuses on developing projects with low risk drilling opportunities, multiple zones of potential and long-life reserves that will increase Hemisphere Energy's production, reserves and cash flow.
Hemisphere Energy's management and board view the market conditions as providing an excellent opportunity to aggressively pursue value-added acquisitions and farm-ins. Hemisphere Energy is evaluating other opportunities that complement its producing Trutch and Sylvan Lake properties in western Canada.
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