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Client Work

Nextraction closes private placement

Fasken
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Client

Confidential Client

On November 19, 2009, Nextraction Energy Corporation (TSX-V: NE) announced that it had closed $2.8 million of its previously announced non-brokered private placement, completing its first funding round as a new oil & gas company.Under this closing, Nextraction issued 3,762,000 units at a price of $0.75 per unit for aggregate gross proceeds to the company of $2,821,500. Each unit consists of one common share and one‐half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share at a price of $0.95 per share, for a period of 12 months from the closing of the private placement.Nextraction is a Canadian junior oil and gas company, with offices in Vancouver, focused on projects where It can utilize its technical expertise to develop oil and gas in areas of high reserve potential. Nextraction was advised in this transaction by Blair Horn and Benjamin Lee of Fasken Martineau.

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