/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, July 23, 2014 /CNW/ - Terrace Energy Corp. (the
"Company") (TSXV: TZR, OTCQX: TCRRF; FRANKFURT: 2TR) is pleased to announce it has
completed its bought deal public offering of 10,820,000 common
shares at a price of CDN$1.85 per
share for gross proceeds of CDN$20,017,000 under the Company's short-form
prospectus dated July 17, 2014 (the
"Prospectus").
Canaccord Genuity Corp. acted as lead underwriter on behalf of a
syndicate of underwriters comprising Canaccord, Cormark Securities
Inc., GMP Securities LP, and Salman Partners Inc. The underwriters
received a cash commission equal to 6.5% of the gross proceeds of
the offering.
The Company plans to use the net proceeds from the offering
towards exploration and evaluation work on its Maverick County, Big
Wells and Northwest AWP projects, as disclosed in the
Prospectus.
The underwriters have an over-allotment option to purchase, for
a period of 30 days following the closing of the offering today, up
to an additional 1,623,000 common shares of the Company at a price
of CDN$1.85 to cover over-allotments.
Further details are contained in the Prospectus.
About Terrace Energy
Terrace Energy is an oil & gas development stage company
that is focused on unconventional oil & gas extraction in
onshore areas of the United
States, particularly in Southern
Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dan Carriere"
Dan
Carriere, Chairman
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.
Forward-Looking Information
This news release includes certain "forward-looking statements"
or "forward-looking information" within the meaning of applicable
securities laws. All statements other than statements of historical
fact included in this news release, including statements regarding
the Company's use of proceeds from its Prospectus offering, are
forward-looking statements that involve various risks and
uncertainties. Forward-looking statements are based on a number of
assumptions, including that the Company will be able to access
equipment and personnel for its planned exploration and evaluation
work on its projects, and other assumptions set out in the
Prospectus and in the Company's Annual Information Form for the
year ended January 31, 2014 (the
"AIF"). Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, including the possible
failure to realize the anticipated benefits of the use of proceeds
of the offering, to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Such statements reflect the current
views of the Company with respect to future events and operating
performance, and speak as of the date of this document. There can
be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's plans or
expectations include availability of capital and financing; general
economic, market or business conditions; regulatory changes;
timeliness of government or regulatory reviews and approvals; risks
inherent in the oil and gas exploration and production industry;
and other risks detailed herein, in the Prospectus, under the
heading "Risk Factors" in the AIF and from time to time in the
filings made by the Company with securities regulators. The risks
outlined herein should not be considered exhaustive. The Company
expressly 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 otherwise
required by applicable securities legislation.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities in
the United States. The securities have not been and will not
be registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any state securities laws and may not
be offered or sold within the United
States or to U.S. persons unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration is available.
SOURCE Terrace Energy Corp.