Monterey Exploration Ltd. (TSX: MXL) has closed its offering of 4.762 million common shares at a price of $4.20 per common share resulting in gross proceeds of about $20 million. The proceeds from the offering will be used to finance the company’s exploration and development activities of its Montney gas project in the Groundbirch area of British Columbia and for other general corporate purposes.
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Monterey Exploration Ltd. (Monterey) is engaged in the acquisition, exploration, development and production of natural gas, natural gas liquids and crude oil in the Western Canadian Sedimentary Basin. The Company has operations in Western Canada.
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