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E-Energy Closes First Tranche Of Private Placement
VANCOUVER, June 27, 2007 - E-Energy Ventures Inc. has closed the first tranche of its non-brokered private placement previously reported in Stockwatch news June 5, 2007. Today's closing included 8,962,500 common share units at 40 cents per unit for gross proceeds of $3,585,000. Each unit consists of one common share in the capital of the company and one-half of transferable common share purchase warrant, each whole warrant entitling the holder to acquire one additional common share. The exercise price for the warrants is 55 cents per share. The share purchase warrants shall have a term of the shorter of 18 months from the date of issuance of the share purchase warrant or the period ending on the 10th business day following 20 consecutive trading days that the market price of the shares as traded on the TSX Venture Exchange has closed equal to or greater than $1.00 per share. All securities will be subject to a four-month hold period expiring on Oct. 26, 2007. The consecutive day term shall not apply during the hold period. With respect to the first tranche closing, the company paid a finder's fee of $351,000 in cash. The net proceeds of the offering will be used for exploration programs and for working capital purposes.
On behalf of the Board of Directors
Simon Tam
Director
Disclaimer:
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.
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