CALGARY, ALBERTA–(Marketwire – April 3, 2009) –
Sentinel Rock Oil Corporation announced that it has closed the second and final tranche of its previously announced non-brokered private placement (the “Sentinel Private Placement”). Sentinel sold 3,260,000 Common Shares for gross proceeds of Cdn $163,000 in this second tranche via private placement memorandum for their oil private placement offering
Sentinel sold a total of 11,960,000 common shares for gross proceeds of $598,000 and paid no commissions. Their private offering memorandum did not state that broker fees would be paid. The Corporation now has 40,453,855 common shares issued and outstanding.
The net proceeds of the Sentinel Private Placement Offeringwill be used by Sentinel to pay outstanding payables and for general working capital purposes. The principal reason for the Corporation to complete the Sentinel Private Placement was the Corporation’s working capital deficiency.
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