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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Redcliffe Exploration Inc. | TSXV:RXP.A | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Redcliffe Exploration Inc. ("Redcliffe" or the "Company") (TSX VENTURE:RXP.A) (TSX VENTURE:RXP.B) is pleased to announce that it has closed its previously announced offering of 14,000,000 Class A shares at a price of $0.25 per share for gross proceeds of $3,500,000 (the "Offering"). Insiders of the Company subscribed for a total of $425,000, or 1,700,000 Class A shares. Richardson Partners Financial Limited acted as lead agent of a syndicate for the Offering, which included FirstEnergy Capital Corp. In connection with the Offering, the agents received a commission of 6.5% of the gross proceeds of the Offering, or $227,500. Redcliffe intends to use the proceeds of the Offering to reduce outstanding debt under its revolving demand credit facility, thereby freeing up borrowing capacity which can be re-drawn and applied as needed to fund the Company's ongoing capital expenditure program. The Offering represented the final portion of a combined financing that also included two tranches of a non-brokered private placement financing, which closed on June 30, 2009 and July 9, respectively, as previously reported. In aggregate, including both tranches of the private placement financing as well as the Offering, Redcliffe closed on gross proceeds of $8,200,000, the maximum amount identified by management and contemplated by the Company under the combined financing. Reader Advisories Forward-Looking Statements: This news release contains certain forward-looking statements, within the meaning of applicable securities laws; in particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the intended use of the net proceeds of the Offering. Such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
1 Year Redcliffe Exploration Inc. Chart |
1 Month Redcliffe Exploration Inc. Chart |
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