CanCambria Energy Corp. press release
Pennine Petroleum Announces Private Placement Closed, Options Granted
TSXV - TSX Venture Exchange · Canada
(via Thenewswire.ca)
August 14 2008 - Pennine Petroleum Corp (PNN on TSX.V) (the "Company") is pleased to announce the closing of the previously announced private placement in the amount of $484,524. The financing consists of one common share at a price of $0.12. A total of 4,037,700 common shares will be issued, and a total of 484,524 broker warrants at an exercise price of $0.12. Commission paid on this financing is $48,452.
Proceeds from this financing will be used to continue work at the Company's Pincher Creek 1-11 re-completion well and for general working capital.
The Company is also announcing the granting of stock options to directors and consultants as follows; Jeff Saxinger 300,000, Mark Wolfe, PhD 300,000, Randy Marshall 100,000, Bryan Whitby 64,000, Ray Gertz 483,000, N. Desmond Smith 483,000 all with an exercise price of $0.12 per share and an exercise period of 5 years. This option grant is subject to TSX Venture Exchange approval.
About Pennine Petroleum Corporation.
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company with active projects located in Alberta, Saskatchewan, and British Columbia. The Company intends to create growth in production cash flow by focusing on drilling and well re-completions on selective land areas in which the Company operates.
For further information contact
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
F: 403 277-4439
E: des.smith@penninecorp.com
Boardmarker Group
Dean Stuart
T: 403 517 2270
E: dean@boardmarker.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Copyright (c) 2008 Thenewswire.ca - All rights reserved.