Result Energy Closes $2.6 MM Private Placement
Result announced that on December 31, 2008 it completed an expedited non-brokered private placement of common shares, which consisted of 12,869,345 common shares issued on a flow-through basis for income tax purposes at $0.20 per share (the "Placement"). The gross proceeds of $2,573,869 is intended to be used to finance exploration activities, and for general corporate purposes. Result is required to incur qualifying expenditures totaling $2,573,869 by December 31, 2009 and will renounce this amount of Canadian Exploration Expenses ("CEE") to subscribers effective December 31, 2008.
Result will pay finder's fees totalling $179,120 to third parties for obtaining subscriptions to the Placement, pursuant to TSX Venture Exchange policies. The securities issued will be subject to a four-month hold period from the date of issuance. Following completion of this placement, Result has 85,492,868 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)