| ||Fri Aug 5, 2005|
Pennant Completes Private Placement
| ||TSX Venture Symbol: PEN|
Pennant Energy Inc. (the "Company") is pleased to announce that it has completed a non-brokered private placement of 1,011,000 units at a price of $0.35 per unit, subject to exchange approval. A total of 715,000 units were purchased on a non- flow through basis with each unit consisting of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $0.40 per share for a period of one year. A total of 296,000 units were purchased on a flow-through basis. 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. The proceeds of the private placement will be used towards general working capital and exploration expenditures on the Meekwap, Alberta Property. The operator of the Meekwap Project is waiting on a rig.
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.
You can view the Next News Releases item: Tue Sep 20, 2005, Two Daly Field Wells to be Drilled, Meekwap update
You can view the Previous News Releases item: Tue Jul 26, 2005, Additional Meekwap property acquired
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