Portfolio Stock / Purcell Energy
Purcell Energy Announces $2.9 Million Private Placement
CALGARY, ALBERTA--Purcell Energy Ltd. announces that it has agreed to issue, by way of private placement, 1,000,000 common shares at $2.90 per share for gross proceeds of $2.9 million. Salman Partners Inc. will act as agent for the private placement.
Closing of the financing is expected to be on or about February 26, 2003. The issue of the common shares is subject to receipt of regulatory approvals. After giving effect to the issuance of 1,000,000 common shares pursuant to the private placement, Purcell will have 28,361,639 common shares issued and outstanding.
The proceeds of the financing will be used to fund Purcell's ongoing activities. Purcell's 2003 winter exploration and development program includes drilling and facilities expansion at Fort Liard (NWT), drilling at Ootla (northeast BC), drilling at Slave (northeast BC), 3D seismic acquisition at Tenaka (northeast BC), 3D seismic acquisition at Umbach (northeast BC), drilling at Ells/Birch Tar (northwest AB), a gas well tie-in at Rainbow (northeast AB), and a gas well tie-in at Edson (west AB). |
