Business
Hemisphere Energy announces closing of its private placement of common shares and CDE flow-through common shares for total gross proceeds of $1.9 million and its plans to drill Atlee development well
Hemisphere Energy announces closing of its private placement of common shares and CDE flow...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\n\n\n\nHemisphere Energy announces closing of its private placement of common shares and CDE flow-through common shares for total gross proceeds of $1.9 million and its plans to drill Atlee development well\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nHemisphere Energy announces closing of its private placement of common shares and CDE flow-through common shares for total gross proceeds of $1.9 million and its plans to drill Atlee development well\nCanada NewsWire\nVANCOUVER, July 12, 2016\n\n\n\nTSX-V: HME\n\n\n\nVANCOUVER, July 12, 2016 /CNW/ - Hemisphere Energy Corporation (\"Hemisphere\" or the \"Company\") (TSX-V: HME) is pleased to announce the closing of the final tranche of its non-brokered private placement offering (the \"Offering\"). In connection with the closing of the final tranche, Hemisphere issued 527,000 flow-through shares (\"Flow-Through Shares\") at a price of $0.21 per share, which were issued on a Canadian Development Expense flow-through basis pursuant to the provisions of the Income Tax Act (Canada), and 4,047,104 common shares of Hemisphere (\"Common Shares\") at a price of $0.19 per share, for gross proceeds to the Company of $879,620.  The aggregate funds raised by Hemisphere under the first and second closings of the Offering totaled $ 1,921,055. \n\nHemisphere intends to use the proceeds from the Flow-Through Shares to drill a development well in its Atlee Buffalo Upper Mannville G oil pool, which is expected to be drilled in late July. Hemisphere has a 100% working interest in the Upper Mannville G pool, which is currently being re-energized through waterflood but has no producing wells at this time. The Upper Mannville G pool has previously produced approximately 1.2 million barrels of oil, representing 3% of the original oil in place as mapped by McDaniel & Associates Consultants Ltd. (\"McDaniel\"), Hemisphere's independent reserve evaluators. The Company's December 31, 2015 reserve report by McDaniel attributed proved plus probable reserves to Hemisphere of less than 1% of the original oil i...