Business
WaveFire announces $2.5 million financing
WaveFire announces $2.5 million financing
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\n May 18, 2010 (Canada NewsWire Group) -- /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/\n\n\n >\n\n\n Wavefire.com Ltd. (the "Company") (TSXV-WAF.H) is pleased to announce that it proposes to undertake a non-brokered private placement to raise $2.5 million. The Company withdrew the private placement of 40,000,000 units at $0.06 per unit, which was announced on December 18, 2009. Instead, the Company now proposes to issue 14,705,882 common shares at $0.17 per share to a director of the Company.\nThe proceeds of the financing will be used to fund the testing and completion of the Kirkwall 5-20-27-5 W4 well, which was drilled in December 2009, the drilling, testing and completion of two additional wells in the Acadia Area of Alberta, and for working capital. The Company has the right under a farm-in agreement to earn 100% interest (subject to existing encumbrances) in the drilling spacing unit and a 65% interest in the balance of the three sections of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs.\nThe 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 is subject to a number of conditions including shareholder and regulatory approval.\n\nNeither 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\n\nThis 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.\n\nCautionary Note Regarding Forward-Looking Statements\n\nExcept for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the closing of the financing, uncertainties and other factors which may cause the actual ...