| ||Tue Jun 14, 2005|
Private Placement Announced
| ||Pennant Energy Inc. ("Pennant") (TSX Venture symbol -- "PEN") announces a private placement of up to 6,600,000 units at a price of $0.35 per unit, for proceeds to the Company of $2,310,000, subject to the approval of the TSX Venture Exchange. Up to $2,000,000 of the private placement will be raised on a flow-through basis as to the share only. Each flow through unit will consist of one common share and one non-transferable share purchase warrant. Two share purchase warrants will entitle the holder to purchase one additional non flow through common share of the Company at a price of $0.40 per share for a period of one year. Up to $310,000 of the private placement will be raised on non flow-through basis at a price of $0.35 per unit with one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional non flow through common share of the Company at a price of $0.40 per share for a period of one year. The proceeds of the private placement will be used for exploration of oil and gas properties. The Company may grant or issue a finder's fee or commission in accordance with the policies of the TSX Venture Exchange.|
For further information on any of our projects please feel free to contact the company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
Mr. Thomas Yingling
President -- Director
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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