Centric Energy Corp.

Centric Energy Corp.

March 08, 2010 18:48 ET

Centric Energy Corp. Closes C$1,300,000 Private Placement

LONDON, ENGLAND--(Marketwire - March 8, 2010) - Centric Energy Corp. ("Centric Energy" or "the Company") (TSX VENTURE:CTE) announces the completion of the first tranche of its C$1,500,000 non-brokered private placement announced on January 27, 2010. The private placement is being completed in two tranches in order to satisfy certain TSX Venture Exchange requirements, with the second tranche to be completed on or before March 12, 2010.

The first tranche of the placement consisted of the sale of 16,250,000 units at a price of C$0.08 per unit for gross proceeds to the Company of C$1,300,000. 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 5, 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 6, 2010 and March 5, 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 6, 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.
Concurrent with the completion of the private placement the Company received final acceptance of the TSX Venture Exchange to enter into the Block 10BA production sharing contract previously announced on January 27, 2010.


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.

Contact Information

  • Centric Energy Corp.
    Alec E. Robinson
    Toll Free: +1 (800) 962-7189 or: +44 207 222 8512