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Contact Exploration Inc Announces Increase To Previously Announced Private Placement

Thursday, 1 Aug 2013 08:45am EDT 

Contact Exploration Inc announced increase to the number of Shares to up to 14,009,616 Shares (from 12,500,000 Shares) at an issue price of $0.26 per Share and to increase the number of Flow-Through Shares to up to 9,525,000 Flow-Through Shares (from 5,833,334 Flow-Through Shares) at an issue price of $0.30 per Flow-Through Shares for aggregate gross proceeds of up to $6,500,000.16. As a result of the increased size of the Private Placement, the Agents and Contact have agreed to terminate the previously contemplated Agents' option. The Private Placement is expected to close on or about August 8, 2013. Proceeds from the Private Placement will be used to fund the Company's drilling and operational activity in the East Kakwa Montney Project area in the Deep Basin in Alberta and for general corporate purposes. 

Company Quote

0.015 +3.57%
3:59pm EDT