Quetzal Energy Ltd.
TSX VENTURE : QEI

Quetzal Energy Ltd.

October 30, 2009 16:39 ET

Quetzal Energy Ltd. Announces Closing of Third Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) -

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Quetzal Energy Ltd. (TSX VENTURE:QEI) ("Quetzal" or the "Company") is pleased to announce that it has closed the third tranche of its previously announced non-brokered private placement financing, pursuant to which it has issued an aggregate of 10,521,120 units ("Units") at a price of $0.125 per Unit to raise aggregate gross proceeds of approximately $1,315,140. Each Unit consists of one common share of Quetzal and one share purchase warrant (a "Warrant"), each Warrant entitling the holder to acquire one additional common share of Quetzal until October 30, 2011 at an exercise price of $0.20 per share. All securities issued in connection with the third tranche of the financing are subject to a statutory hold period expiring on March 1, 2010.

The private placement remains subject to the final approval of the TSX Venture Exchange. 

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Quetzal, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither 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 release.

Contact Information

  • Quetzal Energy Ltd.
    Steven J. Reynolds
    CEO
    (281) 655-4250
    sjreyno@quetzalenergy.com
    or
    Quetzal Energy Ltd.
    20 Adelaide Street East, Suite 1102
    Toronto, Ontario M5C 2T6
    or
    Quetzal Energy Ltd.
    207525 11th Ave SW
    Calgary, T2R 0C9
    (403) 294-0151
    www.quetzalenergy.com