Mr. Robert Mackay reports
STANS ENERGY CORP. ANNOUNCES CLOSING OF $1,500,000 PRIVATE PLACEMENT
Stans Energy Corp. has closed a private placement of five million units, priced at 30 cents, for gross proceeds of $1.5-million. Each unit consists of one common share and one-half common share purchase warrant exercisable at 45 cents for a period of 18 months.
PowerOne Capital Markets and Pope & Company Ltd. acted as finders in connection with the financing. Stans paid the finders a cash compensation of $105,000 and issued non-transferable broker warrants to the finders entitling them to acquire a maximum of 350,000 units of Stans at a price of 30 cents per unit for a period of two years. Each unit will consist of one common share and one-half of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to acquire one additional common share of Stans at a price of 45 cents per share for a period of 18 months.
The private placement financing is subject to regulatory approval and all securities issued in connection with the private placement are subject to a four-month regulatory hold period. Stans plans on using the proceeds from the financing to finance evaluation and purchase of potential acquisitions, and for general working capital purposes. There are no assurances that any such projects or opportunities will be successful or any exploration or development rights secured or exploited.