Article: Drake Energy Ltd.: Private Placement.

CALGARY, ALBERTA, Aug 5, 2009 (Marketwire via COMTEX) -- Drake Energy Ltd. (the "Corporation") (TSX VENTURE:DPE) intends to complete a non-brokered private placement (the "Private Placement") for up to: (i) 1.5 million units ("Units") of the Corporation at an issue price of $0.10 per Unit, each Unit to consist of one (1) common share of the Corporation ("Common Share") and one (1) Warrant; and (ii) 3.75 million units ("Flow Through Units") of the Corporation at an issue price of $0.12 per Flow Through Unit, each Flow Through Unit to consist of one (1) Common Share issued on a "flow through" basis within the meaning of the Income Tax Act (Canada) and one (1) Warrant, for ...

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