CALGARY, ALBERTA - (Marketwire - Aug. 19, 2008) - Traxion Energy Inc.(TSX VENTURE:TXE) ('Traxion' or the 'Corporation') has entered into an agreement with Northern Securities Inc. of Calgary, Alberta as lead agent in connection with a Short Form Offering of a minimum of $1.0 million up to a maximum of $2.5 million of Units and Flow Through Units on a best efforts basis. A maximum of $1.6 million of Flow Through Units will be sold in this Offering.
Each Unit will consist of one common share and one-half of one common share purchase warrant. Each Flow Through Unit will consist of one flow through common share and one half of one common share purchase warrant. The warrants will not be listed.
The Agent's commissions will consist of 9% of the aggregate gross proceeds of the Offering plus Broker Warrants equal to 10% of the number of Units and Flow Through units sold.
The Offering will be made available in British Columbia, Alberta and Ontario. Should the offering be sold in Ontario, the Offering will be issued on a private placement basis pursuant to NI 45-106.
The net proceeds from this financing will be used for Traxion's petroleum exploration activities and for general corporate purposes.
Traxion is a Calgary, Alberta based Corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol 'TXE'.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Website: www.traxion.ca
Tags: ,Financial Services,Venture Capital,FINANCING AGREEMENTS
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