FINANCING / Kintail Energy Raises $1.5 Million
KINTAIL ENERGY CLOSES FINANCING
CALGARY, July 13 /CNW/ - KINTAIL ENERGY INC. announces that it has
successfully closed a private placement of 2,044,434 shares and 1,022,217
warrants for gross proceeds of $1,533,325. This will be used towards the
acquisition of previously announced natural gas properties in the Watelet area
of Central Alberta which consists of production of approximately 5 MMCFE/d and
30 sections of undeveloped land with an average working interest of 80%.
The financing was done at a price of $ 0.75 per share and includes one
half warrant per share. Each whole warrant entitles the holder to acquire one
common share at a price of $ 1.00 for a period of one year. The common
shares, warrants and common shares issued on exercise of the warrants are
restricted from trading for a period of one year.
No commissions were paid on the fund raising and after expenses of the
issue, estimated at $ 5,000, net proceeds will be approximately $ 1,528,000.
Kintail Energy Inc. is an aggressive exploration and production Company,
which trades on the Alberta Stock Exchange under the symbol ''KTE''.
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