MONTREAL, June 27 /CNW Telbec/ - Gale Force Petroleum Inc. (TSX-V: GFP,
the "Corporation") announced that it has closed its previously announced
private placement, raising gross proceeds of $1.7 million via the issuance of
3.4 million Units at $0.50 per Unit. Each Unit consists of one common share
and one half common share purchase warrant with an exercise price of $0.70,
expiring June 27, 2010. The common shares and warrants are subject to a
four-month hold period. The financing is subject to TSX Venture Exchange
"The funds raised will permit the Corporation to complete the purchase of
the Kentucky Shale Gas Property as planned" said Michael McLellan. "Following
the closing of the acquisition, the Corporation will continue fund raising
efforts in line with its previously announced financing goals".
In connection with the financing, Becher McMahon Capital Markets Inc. and
members of the selling group were paid fees of $102,408 and were issued broker
warrants to purchase 256,020 common shares with an exercise price of $0.50
expiring June 27, 2010. Other brokers were paid fees of $14,560 and were
issued broker warrants to purchase 29,900 common shares with an exercise price
of $0.50 expiring June 27, 2010. All broker warrants are non-transferable and
are subject to a four-month hold period.
ABOUT GALE FORCE PETROLEUM INC. - www.GaleForcePetroleum.com
Gale Force Petroleum is a public oil and gas corporation focused on
acquiring and developing oil and gas properties in North America, building
shareholder value through growth.
Forward looking statements:
Statements included herein, including those that express management's
expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements - especially but not limited to any geological or
reservoir information not supported by a NI 51-101 report - are based on
assumptions and estimates that are subject to various risks and uncertainties
including but not limited to geological risk, engineering risks, market risk
and the risks disclosed under the heading "Business Risks" in the
Corporation's periodic filings with Canadian securities regulators, including
most recently in its Management Discussion and Analysis for the exercise ended
June 30, 2007 available on SEDAR. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Gale Force Petroleum Inc.: Michael McLellan,
(514) 333-9292; Becher McMahon Capital Markets Inc.: Campbell Becher, (647)