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Hemisphere Energy announces non-brokered private placement of CDE flow-through common shares and common shares for total gross proceeds of up to $1.6 million
Hemisphere Energy announces non-brokered private placement of CDE flow-through common shar...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\n\n\n\nHemisphere Energy announces non-brokered private placement of CDE flow-through common shares and common shares for total gross proceeds of up to $1.6 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 non-brokered private placement of CDE flow-through common shares and common shares for total gross proceeds of up to $1.6 million\nCanada NewsWire\nVANCOUVER, June 8, 2016\n\n\n\nTSX-V: HME\n\n\n\nVANCOUVER, June 8, 2016 /CNW/ - Hemisphere Energy Corporation (\"Hemisphere\" or the \"Company\") (TSX-V: HME) is pleased to announce a non-brokered private placement offering (the \"Offering\") of up to 3,100,000 common shares of Hemisphere (\"Flow-Through Shares\") at a price of $0.21 per Flow-Through Share to be issued on a Canadian Development Expense flow-through basis pursuant to the provisions of the Income Tax Act (Canada) and up to 5,000,000 common shares of Hemisphere (\"Common Shares\") at a price of $0.19 per share for gross proceeds to the Company of up to $1,601,000.\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\nClosing of the Offering is expected to occur on or about June 28, 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 securities issued under the Offering will be subject to a statutory four-month and on...