Contact Exploration Inc. has issued an aggregate of 29,787,125 common shares of the Company, on the exercise of a like number of share purchase warrants of the Company. The May 2010 Warrants were issued by Contact with a 2 year term in May 2010, with an exercise price of $0.12/share. Contact received an aggregate of $3,574,455 in connection with this issuance of Common Shares, the proceeds of which are expected to be utilized in the Company's upcoming operational programs.
Steve Harding, President and CEO commented, "Contact is pleased with the number of warrant holders who have recognized the value within the Company and chose to exercise. We believe we have several exciting opportunities to invest this capital, including follow-up work on our recently announced Kakwa Montney discovery."