CALGARY, Dec. 11 /CNW/ - Stealth Ventures Ltd. ("Stealth") (TSX.V: SLV) is pleased to announce that it has closed the initial tranche of its $2,496,105 private placement (originally announced as a $2,000,000 private placement on November 19, 2009, as subsequently increased to $2,496,105, as announced on December 8, 2009). The initial tranche consisted of the sale of 20,552,929 units at a price of $0.07 per unit, for gross proceeds of $1,438,705, each unit consisting of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.15 until December 10, 2011, provided that, in the event the closing price of Stealth's shares as traded on the TSX Venture Exchange is $0.25 or greater for a period of 30 consecutive trading days, it may give notice of an earlier expiry of the warrants, in which case they would expire 30 calendar days from the giving of such notice. All of the securities issued in connection with the closing of this private placement are subject to a hold period in Canada until April 11, 2010.
Stealth anticipates that the second tranche, to consist of 15,105,714 units, for gross proceeds of $1,057,400, will close shortly, upon the filing of a Personal Information Form with the TSX Venture Exchange by the principal of the corporate investor.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose expertise and focus is on "unconventional" gas reserves from shale gas, CBM, and tight gas sand reservoirs.
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
Forward Looking Statements:
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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 NEWS RELEASE. THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
SOURCE STEALTH VENTURES LTD.
For further information: For further information: Derek Krivak, CEO, Stealth Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails: email@example.com