Business
Result Announces Shareholder Consent, Change Of Management, Closing Of Private Placement And Sets Rights Offering Record Date
Result Announces Shareholder Consent, Change Of Management, Closing Of Private Placement And Sets...
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\nNov. 24, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 24 /CNW/ -- Result Energy Inc. (\"Result\") (TSXV:RTE) is pleased to announce that it has received the written consent of a majority of its shareholders to its previously announced $26 million non-brokered unit and share private placement (the \"Private Placement\").Result is pleased to announce that it has completed the Private Placement that was announced on November 5, 2009 pursuant to which Result has issued 70,588,235 common shares (\"Common Shares\") at a price of $0.085 per Common Share and 58,823,529 units (\"Units\") at a price of $0.34 per Unit. Each Unit is comprised of three Common Shares, one Common Share issued on a flow-though basis pursuant to the Income Tax Act (Canada) (the \"Flow-Through Shares\") and four Common Share purchase warrants exercisable for a price of $0.11 subject to certain share performance criteria being satisfied. The Units issued under the Private Placement will be subject to contractual escrow with one-third of such Units released on the 12th, 18th and 24th month following the closing date of the Private Placement. The Common Shares issued under the Private Placement are also subject to contractual escrow with one-half of the Common Shares being released each six months following issuance. The aggregate gross proceeds pursuant to the Private Placement is $26 million.Result is also pleased to announce that, following the completion of the Private Placement, the change of directors and officers of Result was completed. As previously announced, the new Board of Directors includes John Brussa, Raymond Chan, Bruce Chernoff, Brett Herman and Dale Shwed. James Pasieka will act as corporate secretary. Additionally, Result is pleased to announce that David Johnson has also joined the Board of Directors. Mr. Johnson is currently the Executive Chairman of Progress Energy Resources Corp. and brings over thirty years of diverse experience in the oil and gas industry including a background in production, reservoir evaluation and operations. The senior officers of Result are now comprised of Brett Herman as President & Chief Executive Officer, Jason Zabinsky as Vice-President, Finance & Chief Financial Officer, Graham Kidd as Vice-President, Engineering, Eric Stachan as Vice-President, Exploration, Jeremy Wallis as Vice-President, Land, Mike Wi...