Centric Energy Corp. Closes C$1,300,000 Private Placement
08 Marzo 2010 - 5:48PM
Marketwired
Centric Energy Corp. ("Centric Energy" or "the Company") (TSX
VENTURE: CTE) announces the completion of the first tranche of its
C$1,500,000 non-brokered private placement announced on January 27,
2010. The private placement is being completed in two tranches in
order to satisfy certain TSX Venture Exchange requirements, with
the second tranche to be completed on or before March 12, 2010.
The first tranche of the placement consisted of the sale of
16,250,000 units at a price of C$0.08 per unit for gross proceeds
to the Company of C$1,300,000. Each unit consists of one common
share and one common share purchase warrant.
Each common share purchase warrant is exercisable to purchase
one additional common share at a price of C$0.12 per common share
until March 5, 2012 subject to the Company's right to accelerate
the exercise of the common share purchase warrant if the closing
market price of the common shares of the Company on the TSX Venture
Exchange is equal to or exceeds C$0.20 per common share for a
period of 10 consecutive trading days between July 6, 2010 and
March 5, 2012.
The Company did not pay any commissions or fees in connection
with the private placement.
All securities issued in connection with this private placement
are subject to a hold period in Canada that expires on July 6,
2010.
The proceeds of the private placement will be used by the
Company to fund the costs associated with the initial 12-month
exploration work program on its oil and gas concession Block 10BA
in Kenya and for general working capital.
Concurrent with the completion of the private placement the
Company received final acceptance of the TSX Venture Exchange to
enter into the Block 10BA production sharing contract previously
announced on January 27, 2010.
ON BEHALF OF CENTRIC ENERGY CORP.
Alec Robinson, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Centric Energy Corp. Alec E. Robinson Toll Free: +1
(800) 962-7189 or: +44 207 222 8512 www.centricenergy.com
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