Business
Wavefire announces $2.4 million financing
Wavefire announces $2.4 million financing
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\nDec. 21, 2009 (Canada NewsWire Group) -- CALGARY, Dec. 21 /CNW/ -- Wavefire.com Ltd. (the \"Company\") (TSXV-WAF.H) is pleased to announce that it proposes to undertake a non-brokered private placement to raise $2.4 million. The Company proposes to issue 40,000,000 units at a price of $0.06 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share for a period of 24 months at an exercise price of $0.10 per share. The securities will be subject to a four month hold period. Insiders of the Company may purchase up to 10,000,000 units.The proceeds of the financing will be used to fund the drilling of three test wells in the Acadia Area of Alberta. The Company has the right under a farm-in agreement to earn 100% interest (subject to existing encumbrances) in the drill spacing unit and an 85% interest in the balance of the three sections of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs on the lands. Drilling commenced on December 2nd and results are expected on or about the end January 2010.The Company also announces that it proposes to settle $250,000 of debt owed to an insider by the issuance of 4,166,667 shares at a deemed price of $0.06 per share.The proceeds of the financing will also be used to support the Company's application for reactivation on the TSX Venture Exchange. The closing of the financing and debt settlement are subject to a number of conditions including shareholder and regulatory approval.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this releaseThis press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.Cautionary Note Regarding Forward-Looking StatementsExcept for the statements of historical fact contained herein, the information presented constitutes \"fo...