Raptor Capital Corporation announces closing of non brokered private placement
CALGARY, March 19 /CNW/ - Raptor Capital Corporation (RCP: TSX Venture
Exchange) Raptor Capital Corporation ("Raptor") announces that at the close of
business on March 16, 2007 it closed 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 $500,000. 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 received subscriptions for an aggregate subscription amount of
$225,000. Insiders subscribed for an aggregate of $175,000. 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 payment of the costs of drilling and testing the wells that were
drilled in 2006 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.
