Carmen Energy Inc. Announces Closing of First Tranche of Prospectus Offering and Concurrent Private Placement
December 27 2011 - 9:26PM
PR Newswire (Canada)
CALGARY, Dec. 30, 2011 /CNW/ - Carmen Energy Inc. ("Carmen" or the
"Corporation") is pleased to announce that it has completed the
first tranche of its previously announced public offering of: (i)
up to 11,111,111 common shares issued as "flow-through shares"
pursuant to the Income Tax Act (Canada) ("Flow-Through Shares") at
a price of $0.27 per Flow-Through Share and (ii) up to 13,043,478
units ("Units") at a price of $0.23 per Unit (the "Offering"). Each
Unit will be comprised of one common share of the Corporation (a
"Common Share") and one half of one Common Share purchase warrant
(each whole warrant a "Warrant"). The Offering is being conducted
pursuant to the terms of an agency agreement ("Agency Agreement")
dated as of November 22, 2011 between the Corporation and Macquarie
Private Wealth Inc. (the "Agent"). The first tranche closed with
the issuance of 1,301,777 Flow-Through Shares and 3,308,282 Units
for aggregate gross proceeds of $1,112,385. Additional
closings, if they occur, shall occur at any time agreed upon by the
Corporation and the Agent provided that such closing(s) occur prior
to March 12, 2012. In addition, concurrently with the first tranche
closing of the Offering, Carmen privately placed 1,604,348 Units
(the "Concurrent Private Placement") for aggregate gross proceeds
of $369,000. The Common Shares and Warrants comprising the Units
issued pursuant to the Concurrent Private Placement will be subject
to a statutory four month and one day hold period. About Carmen
Energy Inc. Carmen is based in Calgary, Alberta and a publicly
traded oil and gas exploration and production company. The focus is
on exploration and development of Western Canadian Sedimentary
Basin based oil and gas properties. The current projects are the
Jumpbush properties in south eastern Alberta, the Ferrybank
properties in central Alberta, the Sylvan Lake area properties in
Southern Alberta, the Viking-Kinsella properties in Alberta and the
Hamburg properties in northern western Alberta. ON BEHALF OF THE
BOARD OF DIRECTORS Advisory Regarding Forward-Looking Information
and Statements This press release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The use of any of the words "will",
"expects", "believe", "plans", "potential" and similar expressions
are intended to identify forward-looking statements or information.
Specifically, this news release contains forward looking statements
relating Offering and the Concurrent Private Placement, including
regarding the occurrence of any additional closing(s) of the
Offering and Concurrent Private Placement. Accordingly there is a
risk that any additional closings of the Offering and Concurrent
Private Placement will not be completed within the anticipated time
or at all. Management has included the above summary of assumptions
and risks related to forward-looking information provided in this
press release in order to provide securityholders with a more
complete perspective on Carmen's future operations and such
information may not be appropriate for other purposes. The
forward-looking statements and information in this press release
are based on certain key expectations and assumptions made by
Carmen. Although Carmen believes that the expectations and
assumptions on which such forward looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
Carmen can give no assurance that they will prove to be correct.
The forward-looking statements and information contained in this
press release are made as of the date hereof and Carmen 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 press release. Carmen Energy Inc
CONTACT: Mr. Brian Doherty, President, CEO and Director Contact:
brian.doherty@carmenenergy.ca; (403) 537-5590
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