Non-brokered PP..
Raptor Capital Corporation announces closing of non-brokered private placement
11/17/2006
CALGARY, Nov. 17, 2006 (Canada NewsWire via COMTEX News Network) --
Raptor Capital Corporation (RCP: TSX Venture Exchange) Raptor Capital Corporation ("Raptor") is pleased to announce that at the close of business on November 17, 2006 it closed the remainder of its previously announced non-brokered private placement (the "Offering") of units at a price of $0.05 per Unit for gross proceeds of up to $800,000. Each Unit consists of one common share ("Common Share") and one half of one share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holders thereof to purchase an additional Common Share for a period of two years from the closing date at a price of $0.10 per Common Share. The Units and underlying securities will be subject to a four month hold period.
Raptor previously announced the Offering on September 6, 2006. As such, under the policies of the TSX Venture Exchange, Raptor had until October 19, 2006 to close the Offering. The first tranche of the private placement closed on October 19, 2006, and the TSX Venture Exchange granted an extension of the time to close the Offering until November 17, 2006.
Under this second and final tranche of the Offering, Raptor received subscriptions for an aggregate subscription amount of $70,000. Together with the first closing, aggregate subscriptions were received in the amount of $411,000 and insiders subscribed for an aggregate of $110,000. Raptor has determined that an exemption from the valuation and minority approval requirements of the Ontario Securities Commission Rule 61-501 is available as the units offered pursuant to the private placement and the consideration received by Raptor from the insiders and related parties does not exceed $2,500,000, and because the fair market value of the consideration received from insiders does not exceed 25% of Raptor's market capitalization.
The proceeds of the private placement are intended to be used by Raptor for the completion and equipping of three (3) gas wells that were drilled in early 2006 and for the drilling of up to eight (8) additional shallow gas wells in northeast Alberta and for general corporate purposes.
Parties interested in obtaining further information or receiving news releases and corporate documents from Raptor may e-mail such request to Bill@raptap.com or review the Company's documentation filed on SEDAR at www.sedar.com.
This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Raptor Capital Corporation with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary.
