| ||Wed Feb 9, 2011|
| ||Pennant Energy Inc. ("Pennant") (TSX Venture symbol -- "PEN") announces it has arranged a non-brokered private placement to raise up to $750,000. Up to $600,000 of the private placement will be raised on a flow-through basis as to a share only at the price of $0.15. Up to $150,000 of the private placement will be raised on a non flow-through basis at a price of $0.15 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 Oil and Natural Gas Liquid (NGL) exploration and general working capital.
A finder's fee may be paid pursuant to the financing, 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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