Crocotta Energy Inc.

Crocotta Energy Inc.

October 29, 2009 19:07 ET

Crocotta Energy Announces Closing of Previously Announced Private Placement to Management

CALGARY, ALBERTA--(Marketwire - Oct. 29, 2009) - Crocotta Energy Inc. ("Crocotta" or the "Company") (TSX:CTA) is pleased to announce that it has completed its previously announced non-brokered private placement of 1,200,000 units (the "Units") at $1.05 per Unit for gross proceeds of $1,260,000 (the "Private Placement"). Each Unit consists of a common share (a "Common Share") in the capital of Crocotta and a Common Share purchase warrant that will allow the holder to purchase an additional Common Share at a price of $1.40 per share until October 29, 2012.

The Private Placement was subscribed 100% by certain members of the management of Crocotta and will increase each such member's shareholding in the Company, further aligning them with the interests of Crocotta shareholders. Of the 1,200,000 Units, 1,025,000 Units were purchased by the President and Chief Executive Officer of Crocotta.

Crocotta Energy Inc. is a Calgary based company focused on the acquisition of, exploration for and development of oil and natural gas properties in western Canada.

Contact Information

  • Crocotta Energy Inc.
    Robert Zakresky
    President and Chief Executive Officer
    (403) 538-3736
    Crocotta Energy Inc.
    Nolan Chicoine
    Vice President Finance and Chief Financial Officer
    (403) 538-3738
    Crocotta Energy Inc.
    700, 639 -5th Ave SW
    Calgary, Alberta T2P 0M9
    (403) 538-3737
    (403) 538-3735 (FAX)