Contact Exploration Inc.: Announces Closing of Private Placement
06.06.2014 | Marketwired
![Contact Exploration Inc.: Announces Closing of Private Placement](https://www.goldseiten.de/media/goldseiten-news.jpg)
Contact expects to use the proceeds of the Private Placement to fund the Company's exploration and development program, including funding expenditures that qualify as Canadian development expenses which will be renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2014.
The Flow-Through Shares issued today are subject to a four-month hold period under applicable securities laws, which hold period expires on October 6, 2014.
A cash fee of 5% of the gross proceeds from the sale of the Common Shares in the Private Placement has been paid as a financial advisory fee in connection with the placement of the Common Shares. No fees or commissions were paid by Contact in respect of the issuance of the Flow-Through Shares.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta's liquids-rich Montney Formation tight gas play. For more information, please see the Company's website: www.contactexp.com.
ADVISORY ON FORWARD-LOOKING STATEMENTS:
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Contact which have been used to develop such statements and information but which may prove to be incorrect. Although Contact believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Contact can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by Contact might change if the board of directors of the Company determines that it would be in the best interests of Contact to deploy the proceeds for some other Canadian development expense expenditures.
The forward-looking statements contained in this press release are made as of the date hereof and Contact undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Contact
Steve Harding, President and CEO
Contact Exploration Inc.
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com