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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elemental Altus Royalties Corp | TSXV:ELE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.90% | 1.10 | 1.08 | 1.10 | 1.12 | 1.10 | 1.12 | 28,100 | 20:51:12 |
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Corporation") Further to its news release issued on April 29, 2010, Excelsior announces it will not be required to obtain the approval of its shareholders prior to the completion of the proposed $20.0 million and $6.0 million private placements announced on April 16, 2010, and May 13, 2010, respectively. Final acceptance of the TSX Venture Exchange is subject to the filing of all required final documentation after the completion of the financings which is expected to occur on or about the week of May 31, 2010. About Excelsior Excelsior is an early stage, oil sands company with 58 operated sections on two contiguous blocks in the Hangingstone and West Surmont areas of the Athabasca Oil Sands Region near Fort McMurray, Alberta. The Company has developed a proprietary in situ combustion technology ("Combustion Overhead Gravity Drainage" or "COGD") which has potential to improve economic and environmental impact in the development and recovery of heavy oil and bitumen. An application for an experimental pilot project to field demonstrate the COGD technology was submitted in the second quarter of 2009. Project approval is expected in the latter half of 2010 with subsequent implementation and commissioning in early 2011. Excelsior's strategy is to capture oil and gas appraisal and development opportunities where we can leverage Management's diverse international operating, heavy oil and field development expertise with developing technologies to produce oil and gas. Note Regarding Forward Looking Statements This document contains forward-looking statements. More particularly, this document contains statements concerning: the completion of the proposed $20.0 million and $6.0 million private placements and the anticipate closing date for the proposed $20.0 million and $6.0 million private placements. The forward-looking statements are based on certain key expectations and assumptions made by Excelsior, including expectations and assumptions concerning: timing of receipt of regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the proposed $20.0 million and $6.0 million private placements. Although Excelsior believes that the expectations and assumptions on which the forward-looking statements made by such party are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that unforeseen approvals may be required, that regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties, or at all, and risks that other conditions to the completion of the proposed $20.0 million and $6.0 million private placements are not satisfied; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; ability to access sufficient capital from internal and external sources and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. The forward-looking statements contained in this press release are made as of the date hereof and Excelsior undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
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