Suroco Energy Inc. (CVE:SRN) announced that it intends to issue, on a non-brokered private placement basis, up to 22,222,222 common shares of the Corporation at a price of $0.45 per share for gross proceeds of up to approximately $10,000,000.
The press release is quoted as saying:
It is anticipated that the net proceeds of the Private Placement will be used by the Corporation for development and exploration drilling in Colombia and for general corporate purposes.
