CALGARY, ALBERTA--(Marketwired - Jun 3, 2013) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to announce that it has successfully closed 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 "Tax Act"). The Corporation issued 2,420,000 Shares for total gross proceeds of $1,504,500.
Of the total number of Shares issued by the Corporation (i) 750,000 Shares were issued on a "flow through" basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Tax Act at $0.67 per Share; and (ii) 1,670,000 Shares were issued on a "flow through" basis eligible for the renunciation of Canadian development expenses within the meaning of the Tax Act at $0.60 per Share.
The Shares issued are subject to a hold period under applicable securities laws until October 4, 2013.
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.
About the Corporation
The Corporation is a junior oil and natural gas exploration and production company in Alberta. The common shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL". There are currently 49,507,911 Shares issued and outstanding.
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. 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.