Raven Energy Completes Private Placement
|Tuesday, September 27, 2005
Raven Energy has closed its previously announced private placement of 1,500,000 common shares with attached "flow-through" tax benefits to certain insiders and arm's length investors at a price of $2.20 per share for gross proceeds to Raven of $3.3 million. The gross proceeds will be used by Raven for working capital. All of the common shares issued are subject to a hold period, which will expire on January 27, 2006. Raven has paid a cash commission of $38,500 to a registered broker in connection with a portion of the gross proceeds raised by the broker for Raven.