Arapahoe Energy Closes Private Placement
Arapahoe Energy Corporation (TSX VENTURE:AAO) has completed a brokered private placement subject to TSX Venture Exchange Inc. final approval. The Corporation issued 770,000 common shares issued as "flow-through shares" within the meaning of the Income Tax Act (Canada), at a price of $0.65 per flow-through share for total gross proceeds of $500,500.
D & D Securities Company acted as the Corporation's agent in connection with the private placement. D & D was paid a commission of 7% cash and issued an aggregate of 77,000 broker warrants. The warrants issued to D & D are exercisable for a period of 18 months at an exercise price of $0.65 per share.
The proceeds of the private placement will be used to fund exploration on the Freemont, Senlac and Poundmaker properties in Saskatchewan and to further fund drilling of the CBM projects on the Sarcee properties.
The Corporation is a publicly traded junior oil and natural gas exploration company with its shares listed on the TSX Venture Exchange under the trading symbol "AAO". The Corporation is engaged in the exploration, development and production of oil and natural gas in Western Canada.
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