Emerald Bay Energy Inc., Calgary, (Toronto Venture: EBY) is proposing a revised nonbrokered private placement offering of up to a maximum of 10 million common shares, at a subscription price of $0.05 per unit, for potential gross proceeds of $500,000.
The proceeds will be used for drilling wells, seismic activities and increasing working capital.
All of the flow-through shares, common shares and warrants issued pursuant to the private placement are subject to a four-month hold period.
Emerald Bay is a junior oil and gas producer with production properties in Western Canada and South Texas.
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