Calgary (pcJ News Briefs) – Return Energy Inc. (TSX-V: RTN) has closed an initial tranche of its previously announced non-brokered private placement of 16,700,399 units at $0.12 per unit for $2,004,047.88, 715,000 CEE flow-through shares at $0.14 per CEE FT share for $100,000, for aggregate gross proceeds of $2,104,147.88.
Each unit consists of one common share and one common share purchase warrant exercisable for one additional common share at $0.15 per share for a period of 12 months from the closing date, subject to accelerated expiry.
Proceeds will be used to further Return Energy’s development activities in the Rycroft, Gordondale, Valhalla areas of Alberta.
Return Energy Inc. is a junior oil and gas explorer and producer with a newly-established presence in the Peace River Arch region of the Western Canadian Sedimentary Basin.