Gastem Closes $2,765,750 Financing
17 Août 2010 - 10:05PM
Marketwired
Gastem Inc. ("Gastem") (TSX VENTURE: GMR) is pleased to announce it
has closed a marketed offering of units by short-form prospectus
for a total of up to 8,510,000 units at a price of $0.325 per unit,
for a gross amount of $2,765,750. Each unit consists of one common
share and one common share purchase warrant at $0.45 valid for 2
years (the "Offering").
The Offering was conducted through a syndicate of agents led by
Industrial Alliance Securities and including Fraser Mackenzie
Limited and Mackie Research Capital Corporation (the "Agent"). The
Agents exercised their option to purchase units for an additional
15% from 7,400,000 units to 8,510,000 to cover over-allotments. A
commission equal to 7.5% of the gross proceeds is payable by the
company to Industrial Alliance Securities on behalf of the
Agents.
Proceeds of the financing will be used to finance exploration
and development work in New York State, specifically on the
conventional Oneida Sandstone Formation, and for general operating
expenses.
The closing is subject to the receipt of the final approval of
the TSX Venture Exchange.
Gastem is an independent oil and gas exploration and development
company based in Montreal. The company holds exploration and
storage permits and rights in the St. Lawrence Lowlands, the Gaspe
Peninsula and the Magdalen Islands in Quebec as well as rights and
interests in New York State and Virginia.
Neither the 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.
Contacts: Gastem David Vincent 514-875-9034
david.vincent@gastem.ca
(TSXV:GMR)
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