TVL Traverse Energy Ltd

Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to
announce that it has successfully closed the final tranche of its previously
announced non-brokered private placement (the "Private Placement") of common
shares of the Corporation ("Shares") issued on a "flow through" basis within the
meaning of the Income Tax Act (Canada). The Corporation issued 327,000 Shares
for gross proceeds of $219,090 in the final tranche bringing the total Shares
issued in the Private Placement to 2,078,000 for total gross proceeds of
$1,392,260.


The Corporation received conditional approval of the Private Placement from the
TSX Venture Exchange on July 6, 2012. The Shares issued in the first tranche are
subject to a hold period under applicable securities law until November 10, 2012
and the Shares issued in the final tranche are subject to a hold period under
applicable securities laws until November 17, 2012. 


Current insiders of the Corporation participated in the Private Placement and
purchased an aggregate of 506,000 Shares, or 24.4% of the Private Placement.


The Corporation paid an aggregate finder's fee of $30,632 to two registered
brokers in consideration for placing an aggregate of 762,000 Shares under the
Private Placement.


The Corporation intends to use the proceeds from the Private Placement to fund a
portion of its exploration drilling activities in the province of Alberta. The
Corporation is drilling the second of up to 5 gross (4.5 net) wells on its Turin
property in Southern Alberta. The first well has been cased as a potential oil
well.


About the Corporation 

The Corporation is a junior oil and natural gas exploration and production
company with a substantial land base in Alberta. The common shares of the
Corporation currently are listed on the TSX Venture Exchange under the trading
symbol "TVL". There are currently 44,287,911 Shares issued and outstanding.


Forward-Looking Information

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news release
includes statements with respect to the use of proceeds from the Private
Placement. Material assumptions and factors that could cause actual results to
differ materially from such forward-looking information includes the failure to
obtain final approval from the TSX Venture Exchange, availability of drilling
rigs and commodity prices. Although the Corporation believes that the material
assumptions and factors used in preparing the forward-looking information in
this news release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur. The Corporation disclaims
any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than
as required by law.

Traverse Energy (TSXV:TVL)
Historical Stock Chart
From Jul 2024 to Aug 2024

Traverse Energy (TSXV:TVL)
Historical Stock Chart
From Aug 2023 to Aug 2024