Clarifying a Nov. 30 press release, Claren Energy Corp. said it will complete a non-brokered private placement of 25 million common units priced at eight cents each for gross proceeds of CA$2 million.

Of the gross proceeds, CA$1 million will go toward clients of Haywood Securities Inc.

Each unit will be comprised of one common share and one common share purchase warrant.

Toronto-based Claren said insiders would likely purchase 6.25 million units for gross proceeds of CA$500,000. Any purchases by insiders will be considered related-party transactions subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101.

Proceeds will help carry out the Phase 2 work program on the Bobocu license onshore Romania and will also support working capital, Claren said.

The offering’s closing is subject to TSX Venture Exchange approval.