Pennant Energy Inc.(TSXV:PEN) announced entering into an agreement with Canaccord Genuity Corp to act as the Company’s agent for latest private placement financings. The terms of the agreement are to sell up to 5,000,000 flow-through shares of the Company and up to 5,000,000 units at $0.20 for total gross proceeds of $2,000,0000. The Company hope to close the financing by March 15, 2012.

As quoted in the press release:

The funds raised from the issuance of the FT Shares shall be used for general exploration and/or development expenditures which will qualify as expenses under paragraph 66 (12.66) (b) of the Income Tax Act (Canada) on the Company’s the Bigstone Project located NW of Edmonton, Alberta in accordance with the provisions of the Company’s earn-in agreement with Donnybrook Energy Inc. Funds raised from the issuance of Units will be for general working capital.

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