11/17/2010

TUSCANY CLOSES $1.2 MILLION FLOW THROUGH SHARE FINANCING

TUSCANY CLOSES $1.2 MILLION FLOW THROUGH SHARE FINANCING

Tuscany Energy Ltd. ("Tuscany" or "the Company") is pleased to announce that it has completed a non-brokered private placement of 8 million common shares of Tuscany issued on a flow-through basis at a price of $0.15 per flow-through share. Finder's fees totalling $27,750 were paid with respect to the private placement.

Gross proceeds from the sale of the flow-through shares will be used to incur eligible exploration expenditures that will be renounced to subscribers as Canadian Exploration Expenses effective on or before December 31, 2010.  Tuscany plans to drill two additional horizontal wells on its Evesham property which are scheduled to commence drilling in the next two weeks.

After the private placement Tuscany has 62,801,825 shares outstanding. Humboldt Capital Corporation purchased 1,833,334 of the shares issued for $275,000. Humboldt, together with R.W. Lamond, who owns 70% of the outstanding shares of Humboldt, now own approximately 25.0 million shares of Tuscany (39.8%).

Common shares issued pursuant to the private placement are subject to a four month hold period.

 FOR FURTHER INFORMATION, PLEASE CONTACT:
Robert W. Lamond, President & CEO
TUSCANY ENERGY LTD.
Telephone:  (403) 269-9889
Fax:  (403) 261-4072
TSX Venture:  TUS
  John G.F. McLeod, Vice President & COO
TUSCANY ENERGY LTD.
Telephone:  (403) 264-2398
Fax:  (403) 261-4072

ADVISORY: This press release contains forward looking statements including statements regarding the use of proceeds and the drilling of additional wells.  Although Tuscany believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Tuscany can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The forward looking statements contained in this press release are made as of the date hereof and Tuscany undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
 



 
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