Business & Finance
Business and Finance
Business and Finance
Mon, December 22, 2008 Exall Energy Corporation: Exall Energy Announces Closing of Private Placement for $2.5 Million
CALGARY, ALBERTA--(Marketwire - Dec. 22, 2008) - Exall Energy Corporation ("Exall Energy" or the "Company") (TSX:EE) is pleased to announce it has closed a non-brokered private placement (the "Offering") of 7,153,500 flow-through common shares ("Flow-Through Common Shares") at a price of $0.35 per Flow-Through Common Share for aggregate gross proceeds of $2,503,725. The Company paid a 6% cash finders fee to Wolverton Capital Markets, a division of Wolverton Securities Ltd. ("Wolverton") for the portion of the gross proceeds attributable to Wolverton. The Flow-Through Common Shares issued under the Offering are subject to a four month and a day resale restriction.
Proceeds from the sale of the Flow-Through Common Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) related to the exploration program of the Company's oil and gas projects.
About Exall
Exall Energy Corporation is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas. Exall is currently developing a new oil discovery in north-central Alberta which will add significant production over the coming year. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.
