Canadian Oil

[Ed Monton]

Pennant Energy arranges $2.97-million private placement


2007-02-14 18:24 ET - News Release

Mr. Thomas Yingling reports

PENNANT ANNOUNCES PRIVATE PLACEMENT

Pennant Energy Inc. has arranged a private placement to of up to $2.97-million, or 5.5 million units, at a price of 54 cents a unit, subject to the approval of the TSX Venture Exchange.

Up to $2-million of the private placement will be raised on a flow-through basis with a half share purchase warrant, and $970,000 of the private placement will be raised on a non-flow-through basis with each non-flow-through unit consisting of one common share and one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the company for a period of one year at a price of 75 cents per share.

Proceeds of the private placement will go toward the development of currently held properties and to evaluate new opportunities and projects. A commission will be payable in either cash or shares in accordance with the policies of the TSX-V.