Ridgeway Petroleum Completes Interim Financing
Ridgeway Petroleum has closed a non brokered private placement for $627,000. The placement was comprised of units priced at $0.40 per unit. Each unit comprises one share of the Company and one non-transferable share purchase warrant entitling the holder to purchase one additional share of the Company for every warrant held at a price of $0.60 until September 15, 2007. The securities issued in the private placement are subject to hold periods expiring January 15, 2007.
The Company is continuing with the previously announced brokered private placement of up to $7.5 million and anticipates completion of this financing in the near term.
The Company also announces the appointment of Rodney L. Eson as Interim Chief Financial Officer effective June 30, 2006. Mr. Eson has replaced Mr. J. Bruce Petrie, who resigned as Chief Financial Officer when the Calgary office was closed at the end of June, 2006. Mr. Eson will continue as Interim Chief Financial Officer until a Houston based replacement is hired. In addition, the Company has appointed Mr. John Dorrier to the Audit Committee as a replacement to Mr. Eson, who resigned from the Audit committee to take on the role as Chief Financial Officer.
Ridgeway Petroleum is a development stage company that controls approximately 220,000 acres of land in Arizona and New Mexico where the Company has identified a significant resource of helium and carbon dioxide gases. Development of the project could lead the Company to potentially becoming one of North America's largest suppliers of these gases to Industry.