Business
Kroes Energy announces closing of financing
Kroes Energy announces closing of financing.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nCALGARY, June 27 /CNW/ - Kroes Energy Inc. (TSX Venture: KRS) announced\ntoday that it has closed the financing that was initiated on May 1, 2006 under\na Short Form Offering Document. Octagon Capital Corporation acted as agent for\nthe offering. Gross proceeds from the offering totalled $1,161,875 and after\ndeducting commissions, legal fees and other costs, net proceeds amounted to\n$1,024,703. A total of 1,787,500 Units were sold at 65 cents each, with each\nUnit comprising one common share, one flow-through share and one-half warrant.\nEach whole warrant entitles the purchaser to acquire a common share at \n45 cents for a period of 18 months. The net proceeds from the offering will be\nused to pursue exploration and development of shallow gas prospects in central\nAlberta.\nIn other news, at the Kroes Annual General Meeting held on June 19, 2006,\nall six incumbent Directors were re-elected and in addition, Stewart D.\nGossen, MBA was elected a Director. Mr. Gossen has been Vice President,\nBusiness Development of the Company since January 2004 and brings to the Board\nextensive experience in the oil and gas industry.\n\nKroes Energy is a junior oil and gas producer and explorer participating\nin the Lelyaki Oilfield redevelopment project in Ukraine, one of Eastern\nEurope's fastest growing economies. It also has a Joint Venture agreement in\ncentral Alberta. Kroes has a strong management team, with extensive\ninternational experience. Shares trade on the TSX Venture Exchange under the\nsymbol KRS.\n\nFORWARD-LOOKING STATEMENTS\n\nThis disclosure contains certain forward-looking estimates that involve\nsubstantial known and unknown risks and uncertainties, certain of which are\nbeyond Kroes' control, including: the impact of general economic conditions in\nthe areas in which the Company operates, industry conditions, changes in laws\nand regulations including the adoption of new environmental laws and\nregulations and changes in how they are interpreted and enforced, increased\ncompetition, the lack of availability of qualified personnel or management,\nfluctuations in commodity prices, foreign exchange or interest rates, stock\nmarket volatility and obtaining required approvals of regulatory authorities.\nIn addition, there are risks and uncertainties associated with oil and gas\noperations; therefore, Kroes' actu...