| | | Fri Nov 19, 2010
Private placement announced
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| | Pennant Energy Inc. ("Pennant") (TSX Venture symbol - "PEN") is pleased to announce that the private placement announced on October 25, 2010 has been oversubscribed. The Company will now raise an aggregate of $409,069.98. Up to $348,319.98 of the private placement will be raised on a flow-through basis as to a share only at the price of $0.135. Up to $60,750 of the private placement will be raised on a non flow-through basis at a price of $0.135 per unit with one-half non-transferable share purchase warrant. Each two share purchase warrants will entitle the holder to purchase one additional non flow through common share of the Company at a price of $0.20 per share for a period of one year.
The proceeds of the private placement will be used for exploration of oil and gas properties, and general working capital. The Company may grant or issue a finder's fee or commission in accordance with the policies of the TSX Venture Exchange.
The above is subject to the approval of the regulatory authorities.
On behalf of the Board of Directors of
PENNANT ENERGY INC.
Signed: "Thomas Yingling"
________________________
Thomas Yingling, President
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." |
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