Suroco Energy Inc. Announces Increase of Proposed Private Placement to Up to $13.2 Million Worth of Common Shares

Suroco Energy Inc. (TSXV:SRN) announced its intention to increase the size of its recently announced proposed private placement to up to $13.2 million worth of common shares, subject to the approval of the TSX Venture Exchange.

The press release is quoted as saying:

The Corporation announced in its September 9, 2010 press release that it proposed to undertake a private placement of common shares, on a non-brokered basis, at $0.45 per share. Pursuant to the Private Placement, up to 29,333,333 common shares of the Corporation may be issued. The Private Placement is expected to close on or before September 27, 2010 or such other date or dates that the Corporation determines. It is anticipated that the net proceeds of the Private Placement will be used by the Corporation to fund its exploration and appraisal activities in Colombia and for general corporate purposes.

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