Markets

Reef Resources Announces Second Closing of Brokered Private Placement and Operational Update; Shrs Up 10.5%

Reef Resources Ltd. (REE.V) announced, further to its news release of November 22, 2011 announcing its first tranche closing of $1,688,225, that the company has raised an additional $277,189 by the issuance of 2,272,181 'flow-through' common shares of the company at a price of $0.11 per Flow-Through Share and 272,500 non-flow through units of the company at a price of $0.10 per Unit. The total amount raised from the brokered private placement to date is $1,965,415 from the sale of 16,801,507 Flow-Through Shares and 1,172,500 Units.

The Company also provided the following operational update:

- The well licence for Airport North number 1 well was received from the Ontario Ministry of Natural Resources. Our seismic data indicates the Airport North reef is potentially a gas and liquids prone reef, similar to Airport South. Subject to positive drilling results, natural gas production will be tied into the Ausable process facility for re-pressurization of the Ausable reef in order to increase oil and natural gas liquids production.

- Pipe and separation equipment required for tie-in of the suspended Airport number 1 South gas well has been purchased and is en route to Ontario.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More