Gastem: Short-Form Prospectus Financing for NYS
06 Agosto 2010 - 7:30AM
Marketwired
Gastem Inc. ("Gastem") (TSX VENTURE: GMR) has filed a final
short-form prospectus in connection with a marketed offering of
units for a total of up to 7,400,000 units, for an amount of
$2,405,000. Each unit will consist of one common share at $0.325
and one common share purchase warrant at $0.45 valid for 2 years
(the "Offering").
The Offering is conducted through a syndicate of agents led by
Industrial Alliance Securities and including Fraser Mackenzie
Limited and Mackie Research Capital Corporation (the "Agent").
Gastem has granted the Agents an option, exercisable at the issue
price for a period of 30 days following the closing, to purchase
units for up to an additional 15% of the issue size to cover
over-allotments. A commission equal to 7.5% of the gross proceeds
are 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 Offering will be made to investors, within the meaning of
National Instrument 45-106, in the Provinces of British Columbia,
Alberta and Ontario. The closing is expected to occur on or before
August 12th 2010 and is subject to the receipt of all the required
regulatory approvals, including the 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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