Wednesday, November 15, 2006 12:25:36 PM
ASPEN GROUP RESOURCES CORPORATION ANNOUNCES $1,490,080 PRIVATE PLACEMENT
Aspen Group Resources Corp. will offer a private placement on a non-brokered basis of up to 9,313,000 units at a price of 16 cents per unit for gross proceeds of up to $1,490,080. Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to acquire one common share at an exercise price of 22 cents for a period of 18 months from closing. The securities issued will carry a four-month hold period under Canadian securities laws, beginning the date the financing closes. Proceeds from the private placement will be used to continue Aspen's oil and gas well program on its properties in Manitoba and for general working capital.
Aspen currently has 74,505,354 shares outstanding. All monetary amounts presented in the release are in Canadian dollars. Closing of the private placement is subject to receipt of all necessary regulatory approvals.
I'm assuming management and insiders will be taking a lot of this. Will watch SEDI for clues.
I guess I'm still going to .....
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