CALGARY, Jan. 5 /CNW/ - Result Energy Inc. ("Result", RTE-X) announces
that on December 31, 2008 it completed an expedited non-brokered private
placement of common shares, which consisted of 12,869,345 common shares issued
on a flow-through basis for income tax purposes at $0.20 per share (the
"Placement"). The gross proceeds of $2,573,869 is intended to be used to
finance exploration activities, and for general corporate purposes. Result is
required to incur qualifying expenditures totaling $2,573,869 by December 31,
2009 and will renounce this amount of Canadian Exploration Expenses ("CEE") to
subscribers effective December 31, 2008.
Result will pay finder's fees totalling $179,120 to third parties for
obtaining subscriptions to the Placement, pursuant to TSX Venture Exchange
policies. The securities issued will be subject to a four-month hold period
from the date of issuance. Following completion of this placement, Result has
85,492,868 common shares outstanding.
Result Energy Inc. is a publicly traded Canadian energy company involved
in the exploration and development of oil and gas properties in western
Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".
The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release.
For further information:
For further information: William Matheson, President & CEO, Result
Energy Inc., (403) 777-0007