Nexera Energy Inc. press release
Emerald Bay announces closing of private placement
TSXV - TSX Venture Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
Nov. 20, 2009 (Canada NewsWire Group) --
CALGARY, Nov. 20 /CNW/ -- Emerald Bay Energy Inc. (TSX Venture: EBY) (the "Corporation") today reported that the Corporation has closed its previously announced private placement. Pursuant to the private placement, 6,250,000 units ("Units") were issued at a price of $0.08 per Unit, for aggregate consideration of $500,000 (of which $78,000 originated from Insiders of the Corporation). Each Unit consisted of one (1) common share of the Corporation (issued either as a common share or as a "flow-through share" pursuant to the Income Tax Act (Canada) (the "Flow-Through Share") at the subscribers option) and one (1) non-transferable share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1) additional common share of the Corporation for a period of 12 months from the issuance of the Units at a price of $0.15) (the "Offering"). Of the total 6,250,000 common shares issued under this Offering an aggregate 5,812,500 were issued as Flow-Through Shares. A finder's fee of $17,500 and a due diligence fee of $17,500 (plus GST) was paid to First Canadian Securities Inc., a division of Limited Market Dealer Inc. of Toronto, Ontario along with the issuance of 437,500 finder's options (the "Finder's Options"). A finder's fee of $3,200 was paid to Brandt Securities Limited of Toronto, Ontario along with the issuance of 40,000 Finder's Options. Each Finder's Option is exercisable into one Unit (on a non-flow-through basis) of the Corporation (on the same terms and conditions as those received by the subscribers under this Offering).
The proceeds will be used for drilling new wells, completion and tie-ins of recently drilled wells and for seismic activities.
All of the Flow-Through Shares, Common Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange.
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada and South Texas. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit our website at www.emeraldbayenergy.com.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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