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| Home : Solara Exploration and Verity Energy Announce Further Details of Private Placement of Units and New Debenture Offering for Corso Energy |
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Oct 17
2012 |
Solara Exploration and Verity Energy Announce Further Details of Private Placement of Units and New Debenture Offering for Corso Energy |
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CALGARY, ALBERTA--(Marketwire - Oct. 17, 2012) - Solara Exploration Ltd (TSX VENTURE:SAA.A) ("Solara") and Verity Energy Ltd ("Verity") advise that they have entered into an Engagement Agreement and Term Sheet with a syndicate of agents led by Burgeonvest Bick Securities Limited, along with Octagon Capital Corp. and Global Securities Corp. (the "Agents") with respect to the previously announced Private Placement for the new company to be created by the amalgamation of Solara and Verity to be named Corso Energy Ltd. (the "Company"). The parties have agreed to provide two financing products comprised of $5,000,069 of Subscription Receipts for the previously announced Units of Common Shares and Warrants and $6 million of Convertible Subordinated Debenture Subscription Receipts. The Private Placement of Units and Debentures will be completed by Subscription Receipts of Verity prior to the amalgamation of Verity and Solara and will result in the issuance of free trading securities following the amalgamation of the two companies. The Amalgamation is subject to TSX Venture Exchange approval, regulatory and shareholder approval and other conditions as set out in the Amalgamation Agreement, including Corso having the required amount of working capital after completion of the financings. |
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| Source:http://www.marketwire.com/mw/release.do?id=1714713&sourceType=3 |
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