Tuscany Announces Closing of $500,000 Flow-Through Financing
11 Dezembro 2013 - 12:00PM
Marketwired
Tuscany Announces Closing of $500,000 Flow-Through Financing
CALGARY, ALBERTA--(Marketwired - Dec 11, 2013) - Tuscany Energy
Ltd. (TSX-VENTURE:TUS) ("Tuscany" or the "Corporation") announced
that it closed its previously announced $500,000 private placement.
Tuscany has issued 1,282,051 common shares of the Corporation on a
flow-through basis pursuant to the Income Tax Act at a price of
$0.39 per common share for total consideration of $500,000. Tuscany
will renounce to the subscribers of the common shares effective on
or before December 31, 2013, Canadian Development Expense in an
amount equal to the aggregate gross proceeds of the offering.
The common shares
issued pursuant to the private placement are subject to a four
month restricted resale period under Canadian securities laws
ending April 11, 2014. In connection with the financing, Tuscany
paid a finder's fee equal to 6% of the gross proceeds of the
private placement.
Tuscany is a heavy oil development and production company with
reserves, land holdings and production in Canada. The Company's
principal focus is the exploitation of oil resources in Alberta and
Saskatchewan through horizontal drilling. The majority of the
Company's revenue is generated from oil sales in Saskatchewan.
Tuscany's production in October totaled 750 BOE/D.
The proceeds of the private placement will be used in Tuscany's
drilling program in Macklin, Saskatchewan where Tuscany is
preparing to drill a horizontal development well which it plans to
place on production in January 2014.
ADVISORY: Certain information in this news release,
including the anticipated closing of the private placement and the
use of the proceeds to incur Canadian Development Expenses,
constitute forward-looking statements under applicable securities
laws. Although Tuscany believes that the expectations reflected in
these forward looking statements are reasonable, undue reliance
should not be placed on them because Tuscany can give no assurance
that they will prove to be correct. Since forward looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. The closing
of the private placement could be delayed if Tuscany is not able to
obtain the necessary stock exchange approval on the timeline it has
planned. The private placement will not be completed at all if this
approval is not obtained or some other condition to the closing is
not satisfied. Accordingly, there is a risk that the private
placement will not be completed within the anticipated time or at
all. The forward-looking statements contained in this news release
are made as at the date of this news release and the Corporation
does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be
required by applicable securities laws.
Where amounts are expressed on a barrel of oil equivalent
(boe) basis, natural gas volumes have been converted to barrels of
oil at six thousand cubic feet (mcf) per barrel (bbl). Boe figures
may be misleading, particularly if used in isolation. A boe
conversion of six thousand cubic feet per barrel is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. References to oil in this discussion include crude oil
and natural gas liquids (NGLs).
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Tuscany Energy Ltd.Robert W. Lamond, Chairman & CEO,
orCharles A. Teare, Executive Vice President & CFO(403)
269-9889(403) 269-9890www.tuscanyenergy.com
Tuscany Energy Ltd. (TSXV:TUS)
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