Business News • MarketWire • Avatar Energy Ltd. Announces Closing of Financing |
Avatar Energy Ltd. Announces Closing of Financing |
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Avatar Energy Ltd. Announces Closing of Financing
CALGARY, ALBERTA--(Marketwire - Dec. 20, 2010) - Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG), today announces that it has completed a private placement financing for aggregate gross proceeds of approximately $1,202,500 subject to final acceptance by the TSX Venture Exchange. Pursuant to the private placement 2,312,499 common shares of the Corporation were issued at a price of $0.52 per common share. The Corporation has paid a 7% cash commission of $84,175 to Ironwood Energy Capital (HK) Ltd. in connection with the financing.
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