Stealth Ventures Ltd. Announces Closing of Initial Tranche of Private Placement and Provides Indian Operational Update
10 Agosto 2010 - 3:32PM
PR Newswire (Canada)
CALGARY, Aug. 10 /CNW/ -- CALGARY, Aug. 10 /CNW/ - Stealth Ventures
Ltd. ("Stealth") (TSX.V: SLV) is pleased to announce that it has
closed the initial tranche of the private placement announced on
June 17, 2010. The initial tranche consisted of the sale of
6,716,000 units at a price of $0.10 per unit, for gross proceeds of
$671,600, each unit consisting of one (1) common share and one-half
(1/2) of a share purchase warrant, with each whole warrant
entitling the holder to purchase one additional common share at a
price of $0.25 until July 30, 2012. All of the securities issued in
connection with the closing of this initial tranche are subject to
a hold period in Canada until December 1, 2010. The Joint Study
Agreement (JSA) with ONGC, in India, is progressing on schedule and
was kicked off as per the June 30, 2010 timeline. The data viewing
and analysis is in progress and upon completion of this phase,
discussions will commence for the identification of specific
projects for implementation, as outlined in the JSA. The Company
would also like to announce that Mr. Murray Smith has stepped down
after serving over two years on the Company's Board of Directors.
Stealth would like to thank Mr. Smith for his hard work and
dedication and wishes him the best of luck in his future endeavors.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company
whose expertise and focus is on "unconventional" gas reserves from
shale gas, CBM, and tight gas sand reservoirs. STEALTH VENTURES
LTD. "Derek Krivak" Per: DEREK KRIVAK Chief Executive Officer
Forward Looking Statements: This News Release may contain
forward-looking statements based on assumptions and judgments of
management regarding future events or results that may prove to be
inaccurate as a result of exploration and other risk factors beyond
its control, and actual results may differ materially from the
expected results. NEITHER THE 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 NEWS RELEASE. THIS NEWS RELEASE
MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY
DIFFER MATERIALLY FROM THOSE CONTEMPLATED. %SEDAR: 00008195E Derek
Krivak, CEO, Stealth Ventures Ltd., Tel.: 403-514-9998, Fax:
403-514-9995, Emails: investorrelations@stealthventures.ca; Subra
Subramaniam, Chairman & Managing Director, Stealth Ventures
Ltd., Tel: 403-514-9998, Fax: 403-514-9995
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