MONTREAL, April 12 /CNW Telbec/ - Gale Force Petroleum Inc. (TSX Venture: GFP, the "Corporation") today announced that subject to obtaining final approval from the TSX Venture Exchange (the "Exchange") it has closed its previously announced private placement, raising gross proceeds of $1,741,500 through the issuance of 6,966,000 Units at $0.25 per Unit. Each Unit is comprised of one common share and one half of a Warrant with an exercise price of $0.375 expiring one year from the date of issuance.
In connection with the private placement, the Corporation shall also issue 114,500 Units and pay $112,500 in finder's fees to finders who at arm's-length to the Corporation.
Final approval from the TSX Venture Exchange will be granted when the Corporation meets various conditions including the filing on SEDAR of a full disclosure document providing all pertinent details about the purchase of substantially all the assets of Buccaneer Energy Corporation, as announced on February 10, 2010. Upon obtaining final Exchange approval, the Corporation intends to close each of the transactions that were announced on February 10, 2010, now expected in approximately one week.
ABOUT GALE FORCE PETROLEUM INC. - www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation with a focus on the development and exploitation of oil and gas resources in mature basins, building shareholder value by making accretive acquisitions and developing its properties. It will own oil and natural gas properties in Texas, Oklahoma, Tennessee and Kentucky.
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 are based on assumptions and estimates that are subject to various risks and uncertainties including the risks disclosed under the heading "Business Risks" in the Corporation's periodic filings on SEDAR, for example, in its Management Discussion and Analysis for the annual exercise ended June 30, 2009. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume the obligation to update any forward-looking statements.
"Neither 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."
SOURCE Gale Force Petroleum Inc.
For further information: For further information: Michael McLellan, Chairman and CEO, (514) 333-9292