Triple 8 Completes Private Placement, Appoints New Management Group

Triple 8 Energy Ltd. has completed its previously announced non-brokered private placement and has appointed a new management team, key employees and board of directors.

Pursuant to the fully subscribed private placement, the new management group, together with certain additional subscribers identified by the new management group, subscribed for 51.5 million units of Triple 8 at a price of six cents per unit and 112.76 million common shares of Triple 8 at a price of six cents per common share, for total gross proceeds of approximately $9.86 million.

No “flow-through” shares were issued pursuant to the private placement.

Each unit is comprised of one common share and one common share purchase warrant entitling the holder to purchase one common share at a price of 10 cents for a period of five years.

The performance warrants will vest and become exercisable as to one-third upon the 20 day weighted average trading price of the common shares equaling or exceeding 12 cents, an additional one-third upon the market price equaling or exceeding 15 cents and a final one-third upon the market price equaling or exceeding 18 cents.

Triple 8 also announced that, in conjunction with the private placement, it completed the previously announced appointment of the new management group. The new management is led by Trevor Spagrud as president and chief executive officer, Doug Bailey as chief financial officer, Larry Hammond as chief operating officer, Tim Gee, vice president, engineering and Steve Horth, manager, exploration.

Spagrud and Hammond were key members of the management team of Titan Exploration Ltd.

The new board of directors of Triple 8 is comprised of Dan O’Niel, Rod Maxwell, Gregory Turnbull, Greg Bay and Trevor Spagrud.

Triple 8 will have about 201 million common shares outstanding when the private placement closes.