December 08, 2006 13:03 ET

Tuscany Energy Ltd. Announces Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(CCNMatthews - Dec. 8, 2006) - Tuscany Energy Ltd. (TSX VENTURE:TUS) ("Tuscany") is pleased to announce that it proposes to complete a non-brokered private placement of 3,333,333 common shares ("Flow-Through Shares") to be issued on a "flow-through" basis at a price of $0.30 per common share for total aggregate proceeds of $1,000,000.

The Flow-Through Shares will be sold in compliance with prospectus and registration exemptions and subject to a four month resale hold period. The completion of the offering is subject to receipt of all necessary regulatory and stock exchange approvals and is expected to take place on or about December 20, 2006.

Tuscany intends to use the proceeds of the offering of the Flow-Through Shares to incur Canadian Development Expenses that may be renounced as Canadian Exploration Expense.

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements." Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projection in the forward-looking information and the material factors or assumptions that were applied in drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

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

Contact Information

  • Tuscany Energy Ltd.
    Greg T. Busby
    President & CEO
    (403) 264-2398
    (403) 264-2399 (FAX)
    Tuscany Energy Ltd.
    Robert W. Lamond
    (403) 269-9889
    (403) 269-9890 (FAX)