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