VANCOUVER, Nov. 3 /PRNewswire-FirstCall/ -- Compliance Energy Corporation (the "Company") is pleased to announce that it has arranged a non-brokered private placement flow-through financing of $1.6 million. The financing consists of 2,461,538 flow-through common shares, at a price of $0.65 per common share. Proceeds of the financing will be used for development of the Issuer's properties and working capital. This financing is subject to a four-month hold period and requires the approval of the TSX Venture Exchange.
Compliance is a Canadian mining company that has significant metallurgical coal interests on Vancouver Island; is advancing a proposed 56 MW Princeton Power Project that will be fueled by wood waste and coal; and operates the Basin Coal Mine near Princeton, BC. Compliance Energy Corporation's shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on the Company's web page at http://www.complianceenergy.com/.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Per:
"Rod Shier"
Rodney A. Shier
Chief Financial Officer
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at http://www.sedar.com/, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements.
CONTACT: Rob Roney, Investor Relations at (250) 897-0437 or Rod Shier, CFO at (604) 689-0489
