CALGARY, Jan. 5 /CNW/ - Result Energy Inc. ("Result", RTE-X) announces that on December 31, 2008 it completed an expedited non-brokered private placement of common shares, which consisted of 12,869,345 common shares issued on a flow-through basis for income tax purposes at $0.20 per share (the "Placement"). The gross proceeds of $2,573,869 is intended to be used to finance exploration activities, and for general corporate purposes. Result is required to incur qualifying expenditures totaling $2,573,869 by December 31, 2009 and will renounce this amount of Canadian Exploration Expenses ("CEE") to subscribers effective December 31, 2008.
Result will pay finder's fees totalling $179,120 to third parties for obtaining subscriptions to the Placement, pursuant to TSX Venture Exchange policies. The securities issued will be subject to a four-month hold period from the date of issuance. Following completion of this placement, Result has 85,492,868 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.