On January 4, 2007, LongBow Energy Corp. announced the closing of its previously announced non-brokered private placement of flow-through common shares, pursuant to which 23,528,494 common shares were issued at a price of $0.055 per share for gross proceeds of $1,294,067, subject to completion of all required filings with the TSX Venture Exchange. The Company partially exercised its over-allotment option to increase the size of the offering to meet investor demand.
The proceeds from the issuance of the flow-through shares will be used to finance continued exploration and development of LongBow's oil and natural gas properties in western Canada.
LongBow was advised in this transaction by Rod Ferguson and Frank Schober (tax) of the Calgary and Vancouver offices of Fasken Martineau.