Quetzal Energy Ltd.
TSX VENTURE : QEI

Quetzal Energy Ltd.

November 02, 2009 16:28 ET

Quetzal Energy Ltd. Announces Private Placement Financing Increase

TORONTO, CANADA--(Marketwire - Nov. 2, 2009) -

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Quetzal Energy Inc. (TSX VENTURE:QEI) ("Quetzal" or the "Company") is pleased to announce that it has increased the size of its previously announced non-brokered private placement, such that Quetzal now proposes to issue up to an aggregate of 88,000,000 units ("Units") at a price of $0.125 per Unit to raise aggregate gross proceeds of up to $11,000,000. All other terms of the offering remain the same as set forth in the previous press release of the Company dated October 5, 2009. To date, the Company has closed three tranches of its private placement, pursuant to which it has issued an aggregate of 75,293,780 Units at a price of $0.125 per Unit to raise aggregate gross proceeds of approximately $9,411,700.

The private placement remains subject to the 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.

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