Result Energy Closes $0.5 Million Private Placement
Result Energy Inc. has completed an expedited non-brokered private placement of common shares which consisted of 1,250,000 common shares issued on a flow-through basis for income tax purposes at $0.40 per share.
The gross proceeds of $500,000 are intended to be used to finance exploration and development activities, and for general corporate purposes. Result is required to incur qualifying expenditures totaling $500,000 by December 31, 2008 and will renounce this amount of Canadian Exploration Expenses ("CEE") to subscribers effective December 31, 2007.
The securities issued will be subject to a four-month hold period from the date of closing. Following completion of this placement, Result has 56,141,638 common shares outstanding.
- Result Energy Divests O&G Assets in Alberta, Saskatchewan (May 06)
- Result Energy Closes $2.6 MM Private Placement (Jan 05)
- Result Energy Closes $2.3MM Private Placement (Aug 11)