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Birch Lake Energy Inc Announces Closing Of First Tranche Of Private Placement Financing


Tuesday, 4 Dec 2012 08:00am EST 

Birch Lake Energy Inc announced that it has closed the first tranche of its previously announced non-brokered private placement of common shares and flow-through shares for aggregate gross proceeds of $526,200, subject to TSX Venture Exchange final approval. Birch Lake issued 600,000 common shares at $0.10 per common share and 3,885,000 flow-through shares at $0.12 per flow-through share. The securities issued in connection with the offering will be subject to a four month hold period that expires on March 31, 2013. The net proceeds from the offering will be used to finance the Corporation's continuing capital program and for general working capital purposes. An additional tranche of the private placement is expected to occur on or about December 20, 2012. 

Company Quote

0.0050
-0.0050 -50.00%
12 Sep 2014