Emerald Bay Energy Closes 1st Tranche of Private Placement
Emerald Bay Energy Inc. has closed the first tranche of its previously announced private placement (any subsequent tranches of this offering will be closed on or before December 31, 2008). Pursuant to the private placement, 3,000,000 units were issued at a price of $0.10 per Unit, for aggregate consideration of $300,000 (of which $150,000 originated from an Insider of the Corporation).
Each Unit consisted of one common share of the Corporation issued as a "flow-through share" pursuant to the Income Tax Act (Canada) (the "Flow-Through Common Share") and one-half of one share purchase 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 "Offering").
The proceeds will be used for drilling wells and for seismic activities.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 Exchange.
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