Emerald Bay Energy Proposes Private Placement
Emerald Bay Energy is proposing a non-brokered private placement offering of up to a maximum of 7,500,000 units ("Units") to be issued at a price of $0.10 per Unit, for aggregate consideration of $750,000. Each Unit consists of one (1) common share of the Corporation to be issued as a "flow-through share" pursuant to the Income Tax Act (Canada) (the "Flow-Through Common Share") and one-half of one (1/2) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1) additional common share of the Corporation for a period of eighteen (18) months from the issuance of the Units at a price of $0.20).
The proceeds will be used for drilling wells and for seismic activities in Canada.
All of the Flow-Through Common Shares and Warrants issued pursuant to the private placement are subject to a four-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture
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