CALGARY, Aug. 10 /CNW/ - Stealth Ventures Ltd. ("Stealth") (TSX.V: SLV) is pleased to announce that it has closed the initial tranche of the private placement announced on June 17, 2010. The initial tranche consisted of the sale of 6,716,000 units at a price of $0.10 per unit, for gross proceeds of $671,600, each unit consisting of one (1) 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 $0.25 until July 30, 2012. All of the securities issued in connection with the closing of this initial tranche are subject to a hold period in Canada until December 1, 2010.
The Joint Study Agreement (JSA) with ONGC, in India, is progressing on schedule and was kicked off as per the June 30, 2010 timeline. The data viewing and analysis is in progress and upon completion of this phase, discussions will commence for the identification of specific projects for implementation, as outlined in the JSA.
The Company would also like to announce that Mr. Murray Smith has stepped down after serving over two years on the Company's Board of Directors. Stealth would like to thank Mr. Smith for his hard work and dedication and wishes him the best of luck in his future endeavors.
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: firstname.lastname@example.org; Subra Subramaniam, Chairman & Managing Director, Stealth Ventures Ltd., Tel: 403-514-9998, Fax: 403-514-9995