LONDON, ENGLAND--(Marketwire - March 22,
2010) - Centric Energy Corp. ("Centric Energy" or "the Company") (TSX
VENTURE:CTE) announces
the completion of the balance of a C$1,500,000 non-brokered private placement
previously announced on January 28, 2010 and March 8, 2010.
This second tranche of the placement
consisted of the sale of 2,500,000 units at a price of C$0.08 per unit for
gross proceeds to the Company of C$200,000. Each unit consists of one common
share and one common share purchase warrant.
Each common share purchase warrant is
exercisable to purchase one additional common share at a price of C$0.12 per
common share until March 22, 2012 subject to the Company's right to accelerate
the exercise of the common share purchase warrant if the closing market price
of the common shares of the Company on the TSX Venture Exchange is equal to or
exceeds C$0.20 per common share for a period of 10 consecutive trading days
between July 23, 2010 and March 22, 2012.
The Company did not pay any commissions or
fees in connection with the private placement.
All securities issued in connection with this
private placement are subject to a hold period in Canada that expires on July
23, 2010.
The proceeds of the
private placement will be used by the Company to fund the costs associated with
the initial 12-month exploration work program on its oil and gas concession
Block 10BA in Kenya and for general working capital.
ON
BEHALF OF CENTRIC ENERGY CORP.
Alec
Robinson, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.