TRIPLE 8 ENERGY LTD.
TSX VENTURE : TEE

July 07, 2008 19:24 ET

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

CALGARY, ALBERTA--(Marketwire - July 7, 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. 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 purchased 380,000 Units. As a result of this private placement, Dickson Chow will hold 3.8 % and Tarik Elsaghir will hold 16.3 % 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, including asset acquisitions and/or enhancements; management and staff salaries and consulting fees; and improved shareholder communications. A hold period of four months, expiring on November 8, 2008, will apply to the shares issued under this private placement.

Dated at Calgary, Alberta this 7th day of July, 2008.

TRIPLE 8 ENERGY LTD.

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
    President
    (403) 269-3091
    (403) 261-0601 (FAX)
    or
    Triple 8 Energy Ltd.
    700, 815 8th Ave. S W,
    Calgary, Alberta, Canada, T2P 3P2
    (403) 269-3091
    (403) 261-0601 (FAX)