Contact Exploration Inc. (CEX.V) is pleased to announce that it has closed its previously announced non-brokered private placement of 20,000,000 common shares in the capital of the Company, issued on a "flow-through" basis pursuant to the Income Tax Act (Canada). The Flow-Through Shares were issued to a private investor at a price of $0.15 per share for aggregate proceeds of $3,000,000.
Following the Private Placement, the private investor now holds 29,000,000 common shares of Contact, representing 13.52% of the issued and outstanding common shares of the Company.
Contact expects to use the proceeds of the Private Placement to incur eligible Canadian Exploration Expenses to fund its ongoing capital programs prior to December 31, 2013. These qualifying Canadian Exploration Expense expenditures will be renounced to the subscriber effective December 31, 2012.
The Flow-Through Shares issued pursuant to the Private Placement are subject to a four-month hold period from the closing date, which hold period expires on November 19, 2012.
Recommended Reading
Help Wanted (Badly): Attracting Workers to Energy is Becoming Difficult
2024-03-27 - Attracting workers to the energy industry is becoming a difficult job, despite forecasted growth in the industry.
E&P Highlights: April 1, 2024
2024-04-01 - Here’s a roundup of the latest E&P headlines, including new contract awards.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
CNOOC Finds Light Crude at Kaiping South Field
2024-03-07 - The deepwater Kaiping South Field in the South China Sea holds at least 100 MMtons of oil equivalent.