June 22, 2008 19:22 ET

Triple 8 Energy Ltd.: Closed the $740,000 Private Placement

CALGARY, ALBERTA--(Marketwire - June 22, 2008) - Triple 8 Energy Ltd. (the "Company") (TSX VENTURE:TEE), announces that it has closed the private placement announced in its press release dated June 2, 2008, subject to the approval of the TSX Venture Exchange. The private placement of 2,000,000 Units, issued at $0.37 per Unit, has raised proceeds of $740,000.00. Each Units consists of one common share and one share purchase warrant. The warrants have an exercise price of $0.55 per share and expire on July 2, 2009. Dickson P. Chow, the President and a director of the Company purchased 50,000 Units and Tarik Elsaghir, the Chief financial Officer and a director of the Company purchase 350,000 Units. As a result of this private placement, Dickson Chow will hold 1.4% and Tarik Elsaghir will hold 15.5% of the Company's outstanding common shares, assuming the warrants attached to this financing are exercised. No other related parties participated in this private placement. No fee or commission or other compensation was paid in connection with this private placement. The private placement will not result in change of control of the Company. The proceeds of $740,000 are expected to be used for general working capital. A hold period of four months will apply to the shares issued under this private placement.

Dated at Calgary, Alberta this 22nd day of June, 2008.


Dickson P. Chow, President

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

Contact Information

  • Triple 8 Energy Ltd.
    Dickson P. Chow
    (403) 269-3091
    (403) 261-0601 (FAX)
    Triple 8 Energy Ltd.
    #700, 815 - 8th Ave. S W
    Calgary, Alberta, Canada, T2P 3P2
    (403) 269-3091
    (403) 261-0601 (FAX)