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Hemisphere Energy announces closing of the first tranche of its private placement of CDE flow-through common shares and common shares for total gross proceeds of over $1 million
Hemisphere Energy announces closing of the first tranche of its private placement of CDE f...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\n\n\n\nHemisphere Energy announces closing of the first tranche of its private placement of CDE flow-through common shares and common shares for total gross proceeds of over $1 million\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 the first tranche of its private placement of CDE flow-through common shares and common shares for total gross proceeds of over $1 million\nCanada NewsWire\nVANCOUVER, June 29, 2016\n\n\n\nTSX-V: HME\n\n\n\nVANCOUVER, June 29, 2016 /CNW/ - Hemisphere Energy Corporation (\"Hemisphere\" or the \"Company\") (TSX-V: HME) is pleased to announce the closing of the first tranche of its non-brokered private placement offering (the \"Offering\").  Hemisphere issued 2,743,000 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 2,449,500 common shares of Hemisphere (\"Common Shares\") at a price of $0.19 per share, for gross proceeds to the Company of $1,041,435.\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 as well as other recompletion or development drilling projects. 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. Hemisphere plans to use the proceeds from the Common Shares to finance the addition of water handling and injection equipment to its existing battery in the Atlee Buffalo Upper Mannville F oil pool where the Company has successfully implemented three waterflood pilot projects, as well as for other general corporate purposes. \n\nThe final closing of the Offering is expected to occur on or about July 15, 2016 and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All secu...