Traverse Energy Ltd. (TSXV: TVL.V) closed its nonbrokered private placement of 1.3 million shares to a single investor, the company said Dec. 1.

Total gross proceeds of about CA$1.5 million will fund part of exploration and drilling activities.

The shares were issued on a flow-through basis, the company added, noting that they are subject to a hold period until April 2, 2015.

Traverse Energy Ltd. is based in Calgary, Alberta, and develops petroleum and natural gas in the province.