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Return Energy Announces Closing of Initial Offering under Private Placement
Return Energy Announces Closing of Initial Offering under Private Placement Canada...
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[{"type":"text","content":"\n\n\n\nReturn Energy Announces Closing of Initial Offering under Private Placement\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 14, 2017\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES.  FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./\n\n\n\nCALGARY, March 14, 2017 /CNW/ - Return Energy Inc. (\"Return\" or the \"Company\") (TSX-V: \"RTN\") is pleased to announce that it has closed an initial tranche of its previously announced non-brokered private placement comprised of common share units (the \"Units\") and Canadian exploration expense flow-through shares (\"CEE FTS\") (collectively, the \"Offering\").\n\nUnder this tranche of the Offering, Return issued 16,700,399 Units at a price of $0.12 per Unit for aggregate gross proceeds of $2,004,047.88, as well as 715,000 CEE FTS at a price of $0.14 per CEE FTS for aggregate gross proceeds of $100,000 for total gross proceeds under this tranche of the Offering of $2,104,147.88.  \n\nEach Unit issued consisted of one Return common share (\"Common Share\") and one full Common Share purchase warrant (\"Warrant\").  Each whole Warrant is exercisable by the holder to purchase one Common Share for a period of 12 months from the Closing Date (\"Warrant Exercise Period\") at a price of $0.15 (\"Warrant Exercise Price\").  The Warrants are subject to an Accelerated Warrant Expiry (defined below). The CEE FTS were issued pursuant to the Income Tax Act (Canada) in respect of Canadian exploration expenses.  \n\nEach Warrant will entitle the holder thereof to purchase one Common Share at any time prior to 5:00 p.m. (Calgary Time) on or before the earlier of the date that is: (a) one year from the completion of the Offering; and (b) 30 days after the giving of notice of early termination by Return. Such notice may be given by the Company, in its sole discretion, if the volume-weighted average price of the Common Shares on the TSX Venture Exchange exceeds the Warrant Exercise Price by at least 200% for a minimum of 10 co...