CALGARY, Dec. 28 /CNW/ - Result Energy Inc. ("Result", RTE-X) announces that on December 28, 2007 it completed an expedited non-brokered private placement of common shares which consisted of 1,250,000 common shares issued on a flow-through basis for income tax purposes at $0.40 per share (the "Placement"). The gross proceeds of $500,000 are intended to be used to finance exploration and development activities, and for general corporate purposes. Result is required to incur qualifying expenditures totaling $500,000 by December 31, 2008 and will renounce this amount of Canadian Exploration Expenses ("CEE") to subscribers effective December 31, 2007.
The securities issued will be subject to a four-month hold period from the date of closing. Following completion of this placement, Result has 56,141,638 common shares outstanding.
Result Energy Inc. is a publicly traded Canadian energy company involved in the exploration and development of oil and gas properties in western Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".
The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release.
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