Huntington Announces Closing of Private Placement
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 01/02/13 -- Huntington Exploration Inc. ("Huntington" or the "Company") (TSX VENTURE: HEI) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of units (each "Unit" as set out below) in the capital of the Company, subject to final approval from the TSX Venture Exchange. Each Unit was comprised of one (1) common share in the capital of the Corporation issued on a "flow-through" basis as defined in the Income Tax Act (Canada) and one (1) common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) common share in the capital of the Corporation at a price of $0.10 per share until December 31, 2014. The Company issued 9,750,000 Units for aggregate gross proceeds of $487,500.
Huntington intends to use the proceeds of the Private Placement to incur eligible Canadian Exploration Expenses to fund its ongoing capital programs prior to December 31, 2013. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers effective December 31, 2012. All securities issued in connection with the Private Placement are subject to a four-month hold period under applicable securities laws, which hold period expires on May 1, 2013.
Finders acting in connection with the Private Placement received aggregate fees of $13,950 and 279,000 finder's warrants. Each finder's warrant entitles the holder to purchase one (1) common share at a price of $0.10 per share until December 31, 2014.
Bob Verhelst, an executive officer of the Corporation, subscribed for 1,500,000 Units and Michael Binnion, a director of the Corporation, subscribed for 500,000 Units under the Private Placement. Huntington has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these shares, (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization). No new insiders were created, nor has any change of control occurred, as a result of this Private Placement.
Huntington is an exploration-focused company actively pursuing opportunities in the oil and natural gas business in the Western Canada sedimentary basin.
Neither the 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.
Contacts:
Huntington Exploration Inc.
Bob Verhelst
President and Chief Executive Officer
(587) 351-3538
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Datum: 02.01.2013 - 21:20 Uhr
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News-ID 216253
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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