LongBow Energy Corp.
TSX VENTURE : LBV

LongBow Energy Corp.

January 04, 2007 14:47 ET

LongBow Energy Corp. Closes Flow-Through Share Financing

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2007) - LongBow Energy Corp. (TSX VENTURE:LBV) is pleased to announce the closing of its previously announced non-brokered private placement of flow-through common shares, pursuant to which 23,528,494 common shares were issued at a price of $0.055 per share for gross proceeds of $1,294,067, subject to completion of all required filings with the TSX Venture Exchange. The Company partially exercised its over-allotment option to increase the size of the offering to meet investor demand.

In connection with the offering, agent's and finder's fees of $27,187 are to be paid by LongBow, representing a cash commission of 7% of the aggregate subscription funds raised by such agents and finders.

All securities issued by LongBow are subject to a hold period expiring May 1, 2007, four months after closing of the private placement. After completion of the offering, the Company has 149,244,228 common shares issued and outstanding.

The proceeds from the issuance of the flow-through shares will be used to finance continued exploration and development of LongBow's oil and natural gas properties in western Canada.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • LongBow Energy Corp.
    Sean F. Kehoe
    President and CEO
    (403) 233-6073