Realm Energy Reports Financial Results for the Third Quarter 2010
November 26 2010 - 4:29PM
Marketwired Canada
Realm Energy International Corporation ("Realm Energy" or the "Company") (TSX
VENTURE:RLM) (www.realmenergy.ca), is pleased to announce its financial and
operations results for the three and nine month periods ended September 30,
2010.
Third Quarter 2010 Highlights:
On September 13, 2010 the Company announced a non-brokered private placement of
up to 10,000,000 units at a price of $0.30 per unit for cash proceeds of up to
$3,000,000 (the "Private Placement"). Each unit comprises one common share and
one common share purchase warrant. Each common share purchase warrant entitles
the holder to acquire one additional common share of the Company at a price of
$0.40 for a period of two years from the closing of the Private Placement. An
8.0% finders' fee was paid in the form of Private Placement units to arm's
length finders on the Private Placement. The Private Placement closed subsequent
to the period end. The net proceeds of the Private Placement will be used for
general working capital purposes.
Subsequent to the periods ended September 30, 2010, on October 28, 2010, the
Company announced another non-brokered private placement of up to 10,000,000
units at a price of $0.60 per unit for cash proceeds of up to $6,000,000 to
Quantum Partners LP ("Quantum"), a private investment fund managed by Soros Fund
Management LLC. Each unit comprised one common share and one half of a common
share purchase warrant. Each whole common share purchase warrant entitles the
holder to acquire one additional common share of the Company at a price of $0.95
for a period of two years. On November 15, 2010, the Company closed the private
placement with Quantum. The Company paid finders' fees of 9.0% in the form of
non-brokered private placement units to parties that were arm's length to the
Company.
FINANCIAL SUMMARY:
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Three months Three months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
2010 2009 2010 2009
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Net loss $ (1,106,551) $ (1,068) $ (2,942,392) $ (41,333)
Basic and
diluted loss
per share (0.02) (0.01) (0.07) (0.01)
Total assets 1,459,804 404,350 1,459,804 404,350
Cash 1,128,381 9,804 1,128,381 9,804
Working capital 935,826 (126,866) 935,826 (126,866)
Shareholders'
equity 1,218,804 267,680 1,218,804 267,680
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A complete financial reporting package for the quarter ended September 30, 2010
is available on Sedar http://www.sedar.com or by contacting the Company.
About Realm Energy
Realm Energy International Corporation is a Canadian domiciled global energy
company focused on the exploration and development of major shale plays
throughout Europe and emerging countries. The Company is in the process of
acquiring petroleum and natural gas rights and conducting exploration activities
over large contiguous tracts of land which it has identified as high potential,
and is committed to leveraging the most advanced shale technology to bring these
resources into production.
Visit Realm Energy's website at www.realmenergy.ca.
REALM ENERGY INTERNATIONAL CORPORATION
Craig A. Steinke, Chairman & Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release
includes certain "forward-looking statements" within the meaning of applicable
Canadian provincial securities legislation. Forward-looking statements include,
but are not limited to, statements with respect to the required Exchange
acceptance of the Transaction (as defined above). Forward-looking statements are
necessarily based upon estimates and assumptions that, while considered by the
Company's management to be reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not limited to:
general business, economic, competitive, political and social uncertainties; or
delay or failure to receive regulatory approvals. There can be no assurance that
the Company will secure the final acceptance of the Transaction from the TSX
Venture Exchange, or that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law or the
policies of the TSX Venture Exchange.
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