| | | Wed Sep 28, 2011
News Release
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| | Pennant Energy Inc. ("Pennant") (TSX Venture symbol - "PEN") announces that regulatory approval has been received to the oversubscribed non-brokered private placement. The Company was successful in raising $317,260. $303,260 of the private placement was raised on a flow-through basis as to a share only at the price of $0.14. $14,000 of the private placement was raised on a non flow-through basis at a price of $0.14 per unit, each unit consisting of one common share and one non-transferable share purchase warrant exercisable for one year at $0.20.
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 was paid pursuant to the financing, in accordance with the policies of the TSX Venture Exchange.
The securities have now been issued having a hold period expiring January 29, 2012.
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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| | You can view the Next News Releases item: Wed Oct 19, 2011, Pennant Tests 1,011 BOE per day At Bigstone, Montney Horizontal Well
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