Hemisphere Energy Closes Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/11 -- Hemisphere Energy Corporation (TSX VENTURE: HME) is pleased to announce the successful closing of its private placement announced October 26, 2011. This "flow-through" private placement consisted of the sale of 2,200,000 flow-through shares at a price of $0.65 per share, including an additional 200,000 allotment over the 2,000,000 shares originally announced. The proceeds of $1,430,000 from this private placement will be used to fund exploration and development expenditures.
In conjunction with the closing of this private placement, Hemisphere Energy issued 132,650 finder warrants, each entitling the holder to purchase one common share at a price of $0.80 until November 10, 2012.
All of the securities issued in connection with the closing of this private placement, including any shares issued on the exercise of the finder warrants, are subject to a hold period until March 11, 2012.
Hemisphere Energy currently has oil production from its Jenner property in southeast Alberta, natural gas production from its Sylvan Lake and Wainwright properties in central Alberta and liquids-rich natural gas production from its Trutch property in northeast British Columbia.
Hemisphere Energy is focused on building and developing a balanced portfolio of core areas that provide low to medium risk drilling opportunities that support ongoing growth of production, reserves and cash flow.
HEMISPHERE ENERGY CORPORATION
Don Simmons, President & CEO
Forward-looking Statements
This news release contains "forward-looking statements" that are based on Hemisphere's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Hemisphere's outlook for our future operations, plans and timing for the commencement or advancement of exploration and development activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Hemisphere. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Hemisphere will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Hemisphere disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Hemisphere Energy Corporation
Don Simmons
President and CEO
(604) 685-9255
(604) 685-9676 (FAX)
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Datum: 14.11.2011 - 12:04 Uhr
Sprache: Deutsch
News-ID 1056929
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