CALGARY, ALBERTA, Oct. 19, 2009 (Marketwire) -- Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to announce that is has successfully completed its previously announced non-brokered private placement (the "Private Placement") of 2 million units of the Corporation ("Units") at an issue price of $0.90 per Unit, each Unit consisting of one (1) common share of the Corporation ("Common Share") issued at $0.40 per share and one (1) Common Share issued on a "flow through" basis within the meaning of the Income Tax Act (Canada) issued at $0.50 per share for total gross proceeds of $1,800,000.
The Corporation received conditional approval of the Private Placement from the TSX Venture Exchange on October 13, 2009. The Common Shares are subject to a hold period under applicable securities laws until February 20, 2010.
Current insiders of the Corporation participated in the Private Placement and purchased an aggregate of 290,000 Units, or 14.5% of the Private Placement.
The Corporation intends to use the proceeds from the Private Placement to fund a portion of its exploration drilling activities in the province of Alberta and other working capital requirements.
About the Corporation
The Corporation is a junior oil and natural gas exploration and production company. The Corporation's management will continue to evaluate drilling and acquisition opportunities within Canada. The Common Shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL". There are currently 24,950,000 Common Shares issued and outstanding.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.
