PEN Pennant Energy

Pennant Energy Inc. (TSX VENTURE:PEN) ("Pennant" or the "Company") announces
that it has completed its previously announced non-brokered private placement of
455 unsecured convertible debentures (each, a "Convertible Debenture") in the
aggregate principal amount of $455,000 (the "Offering"). The Company also issued
9,100,000 share purchase warrants (each, a "Warrant"), with each Warrant
entitling the holder to purchase one common share (each, a "Share") of the
Company at a price of $0.05 per Share for a period of two years. 


The Convertible Debentures mature eighteen (18) months from the date of the
closing of the Offering (the "Maturity Date") and bear interest at the rate of
18% per annum payable on the Maturity Date. Insiders of the Company purchased an
aggregate of 60 Convertible Debentures. At any time at the option of the holder,
the principal amount of each Convertible Debenture will be convertible into
Shares at a price of $0.05 per Share during the first 12 months after issuance
and at a price of $0.10 per Share thereafter until the Maturity Date and any
accrued but unpaid interest thereon will be convertible into Shares at the price
per Share which is equal to the Market Price (as defined in the policies of the
TSX Venture Exchange) at the time of conversion. Each Convertible Debenture will
be pre-payable at the election of the Company in an amount equal to the
principal amount, any accrued but unpaid interest and a penalty equal to three
months interest (the "Prepayment Amount"). If the Company disposes of its
Bigstone Project, then the Company will be required to repay all of the
Convertible Debentures in an amount equal to the Prepayment Amount within ten
(10) days of the completion of such sale.


The Company paid an aggregate of $18,400 to finders in connection with the Offering.

The proceeds of the Offering will be used by the Company to pay for its share of
the costs of the first Success formation well to be drilled at its new oil
exploration project located in the Mantario area of west-central Saskatchewan in
the fourth quarter of 2013, and for general working capital.


The securities issued in connection with the closing of the Financing are
subject to a restricted period that expires on February 16, 2014.


The Company also announces that drilling operations on the first Success
formation well at the Company's Mantario oil project in West Central
Saskatchewan have commenced today, with the well to spud from a surface location
at15d-6-26-24W3 to a total depth of 1,000 meters. 


About Pennant

The Mantario Project is comprised of a total of 1,440 acres (net 432 acres) in
West Central Saskatchewan. Multiple oil drilling locations have been identified
based on the 3D technical review. 


Pennant's Bigstone Project is comprised of lands and licenses covering a total
of 5,120 acres (net 1,120 acres), in Township 60, ranges 22 and 23W5 at
Bigstone, Alberta. By completing the terms of a farm in agreement with
Donnybrook Energy Inc., Pennant earned 25 per cent of Donnybrook's interest in
the Bigstone lands and in any future operations within an area of mutual
interest.


PENNANT ENERGY INC.

Garth Braun, President & CEO

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Doren Quinton
(250) 377-1182
info@qiscapital.com

Pennant Energy (TSXV:PEN)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Pennant Energy (TSXV:PEN)
Historical Stock Chart
Von Jun 2023 bis Jun 2024