CALGARY, ALBERTA--(Marketwire - Dec 12, 2012) - 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 Corporation issued 2,800,000 Shares for total gross proceeds of $1,820,000.
The Shares issued are subject to a hold period under applicable securities laws until April 13, 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.
Current insiders of the Corporation participated in the Private Placement and purchased an aggregate of 356,200 Shares, or 12.7% of the Private Placement.
The Corporation paid an aggregate finder''s fee of $62,158 to two registered brokers in consideration for placing an aggregate of 1,593,800 Shares under the Private Placement.
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 47,087,911 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.