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CALGARY, June 17 /CNW/ - Stealth Ventures Ltd. ("Stealth") (TSX.V: SLV) announces that, subject to regulatory acceptance, it intends to proceed with a non-brokered private placement (the "Private Placement") of up to 30,000,000 units (the "Units") at a price of $0.10 per Unit, for aggregate proceeds of up to $3.0 million. Each Unit will consist of one common share and one-half (1/2) of one non-transferable share purchase warrant, with each whole warrant to entitle the holder to purchase one additional common share at a price of $0.25 for a period of 2 years from closing. Management, members of the Board of Directors and other insiders have committed to subscribe for 10% of the amount raised pursuant to the Private Placement.
The proceeds from the Private Placement will be used for working capital purposes including, but not limited to, the evaluation of emerging unconventional resource plays and opportunities in India, as announced in Stealth's June 14, 2010 News Release.
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