TriOil Announces Increase in Size for Bought Deal Equity Financing
18 Septiembre 2012 - 5:35AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ CALGARY, Sept. 20, 2012 /CNW/ -
TriOil Resources Ltd. ("TriOil" or the "Company") - (TXV: TOL) is
pleased to announce that it agreed to increase the size of its
previously announced bought deal equity financing through a
syndicate of underwriters led by Canaccord Genuity Corp. and GMP
Securities L.P. and including Dundee Securities Ltd., TD Securities
Inc., AltaCorp Capital Inc., Haywood Securities Inc., Cormark
Securities Inc., Raymond James Ltd., and Desjardins Securities Inc.
(collectively the "Underwriters"). Under the new terms of the
financing, the Underwriters have agreed to purchase, on a bought
deal basis, 7,845,000 common shares of TriOil (the "Common Shares")
at a price of $2.55 per Common Share and 2,917,288 common shares to
be issued on a "flow-through" basis (the "Flow-Through Shares") at
a price of $3.00 per Flow-Through Share, for aggregate gross
proceeds of $28,756,614 (the "Offering"). In addition, the Company
will grant the Underwriters an option to purchase up to 1,176,750
additional Common Shares exercisable 30 days prior to the Closing
Date to cover over-allotments, if any. TriOil will use the net
proceeds from the Offering to expand and accelerate its capital
program focused on the Company's Cardium light oil drilling program
at Lochend and the emerging Dunvegan light oil resource play at
Kaybob, as well as for general corporate purposes. Closing of the
Offering is expected to occur on or about October 4, 2012 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
TSX Venture Exchange. TriOil is a Calgary, Alberta based company
engaged in the exploration, development and production of petroleum
and natural gas. TriOil has approximately 53.2 million common
shares issued and outstanding (59.4 million fully diluted). The
common shares of TriOil trade on the TSX Venture Exchange under the
symbol TOL. The securities offered have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration
or applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. Forward-Looking Statements This document
contains forward-looking statements. More particularly, this
document contains statements which include, but are not limited to,
the timing of closing of the Offering, the anticipated use of
proceeds of the Offering and the receipt of the required regulatory
and third party approvals. The forward-looking statements are based
on certain key expectations and assumptions made by TriOil.
Although TriOil believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because TriOil can give no assurance 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. In addition to other risks that may affect the
forward-looking statements in this press release, the closing of
the Offering could be delayed if TriOil is not able to obtain the
necessary regulatory and stock exchange approvals on the timelines
it has planned and the Offering will not be completed at all if
these approvals are not obtained or some other condition to the
closing is not satisfied. Accordingly, there is a risk that the
Offering will not be completed within the anticipated time or at
all. The intended use of the net proceeds of the Offering by TriOil
might change if the board of directors of TriOil determines that it
would be in the best interests of TriOil to deploy the proceeds for
some other purpose. The forward-looking statements contained in
this press release are made as of the date hereof and TriOil
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. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. TriOil Resources Ltd.
CONTACT: Russell J. Tripp, President & CEO, TriOil Resources
Ltd.; CheryneLowe,VP Finance & CFO, TriOil Resources Ltd.;
Andrew Wiacek, VP Exploration,TriOil Resources Ltd.; Corporate
Phone: (403) 265-4115.
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