TSX-V TRADING SYMBOL: CEC
VANCOUVER, Dec. 24 /CNW/ - Compliance Energy Corporation (the "Company" or "Compliance") is pleased to announce that the Company has closed its $1.5 million financing, announced on November 30, 2009. The company has issued 5.4 million units ("Units") by way of a non-brokered private placement. Each Unit has been priced at $0.275 per Unit and will be convertible into one common share ("Common Share") of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share of the Company at an exercise price of C$0.40 per Common Share in the first year and $0.50 in the second year. Each Common Share issued under this non-brokered private placement will be subject to a four month hold period until April 23, 2010. Proceeds of the financing are to be used for general working capital purposes.
About Compliance Energy Corporation
Compliance Energy Corporation is a coal exploration and development company with an interest in over 75,000 acres of coal and mineral rights on Vancouver Island BC and that owns the Basin Coal Mine near Princeton BC. The company is focused on developing the Raven Coal Project for the Comox Joint Venture, of which it has a 60% interest. The remaining 40% is owned by I-Comox Coal Inc. a subsidiary of Itochu Corporation of Japan and by LG International Investments (Canada) Limited, a subsidiary of LG International Corp. of Korea. Company shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on the Company's web page at www.complianceenergy.com.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Chief Executive Officer
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
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements.
SOURCE Compliance Energy Corporation
For further information: For further information: Greg Werbowski, Investor Relations or Rod Shier, CFO at (604) 689-0489