17:38:50 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Tuscany Energy Ltd (2)
Symbol TUS
Shares Issued 46,152,990
Close 2014-11-14 C$ 0.39
Market Cap C$ 17,999,666
Recent Sedar Documents

Tuscany closes $580,000 first tranche of placement

2014-11-19 17:27 ET - News Release

Mr. Robert Lamond reports

TUSCANY ANNOUNCES INITIAL CLOSING OF PRIVATE PLACEMENT

Tuscany Energy Ltd. has closed the initial tranche of its previously announced non-brokered private placement of common shares of the corporation issued on a flow-through basis in respect of Canadian development expenses. In this initial tranche, the corporation has issued an aggregate of 1,318,000 CDE FT shares at a price of 44 cents per CDE FT share for aggregate gross proceeds of approximately $580,000. The corporation paid an aggregate of $28,327 in finders' fees. The rest of the $1.2-million private placement is anticipated to close on Nov. 26, 2014.

The securities issued in this initial tranche of the private placement are subject to a four-month hold period under applicable securities laws, which hold period expires on March 20, 2015.

Tuscany will use the proceeds of the private placement to incur Canadian development expense and will renounce the expenses to subscribers of the CDE FT shares effective on or before Dec. 31, 2014.

Tuscany closed the initial tranche of the private placement today as drilling on the next horizontal development well at Macklin North 91/1-33-39-28W3M is planned to commence on Nov. 20, 2014, and Tuscany will use the expenses to renounce to subscribers of the CDE FT shares.

The Macklin North 91/1-33-39-28W3M well is offsetting the previously announced 7-33-39-28W3M disposal well, which encountered over 30 feet of potential Dina oil pay.

We seek Safe Harbor.

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