Next Millennium Announces Acquisition and $12 Million Private Placement Financing
03 Mars 2008 - 11:49PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: NM) has entered into an
acquisition agreement to acquire all of the issued common shares of
Roadrunner Oil & Gas Inc. ("ROG"). ROG is a private Canadian
company which has assembled an initial acreage position of
approximately 5,000 acres in the Michigan Basin in order to test
the concept that, properly stimulated, certain oil and gas bearing,
but generally non-productive formations may be caused to yield
hydrocarbons at commercially attractive rates. The initial acreage
position is distributed over several prospects; leasing is ongoing
and three wells are scheduled for drilling in mid 2008 to test the
concept. Next Millennium is acquiring ROG for $600,000 cash and an
obligation to issue up to 12.5 performance shares in the event that
ROG held lands begin producing and meet certain hydrocarbon
production milestones within five years from the date of Next
Millennium's acquisition.
Next Millennium is undertaking a private placement of 24,000,000
units at $0.50 per unit to raise gross proceeds of $12 million (the
"Offering"). $6 million of the Offering will be brokered. Each unit
will be comprised of one common share and one warrant which will be
exercisable into one additional common share at $1.00 per share for
a period of one year from closing of the private placement.
Proceeds from the private placement will be used to fund Next
Millennium's acquisition of ROG, to acquire additional exploration
leases and to complete exploration of prospects to be identified on
ROG leased lands.
Next Millennium has granted stock options to employees,
directors and consultants to acquire up to 1,500,000 common shares
at a price of $0.62 per share for a period of five years.
Next Millennium is an oil and gas exploration and development
company. Next Millennium's shares are listed on Tier 2 of the TSX
Venture Exchange under the symbol "NM".
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Next Millennium Commercial Corp. Michael Curtis
President and Chief Executive Officer (416) 640-3709 (416) 248-5353
(FAX) Email: mcurtis@cardwellcap.com Next Millennium Commercial
Corp. 210 - 181 University Avenue Toronto, Ontario M5H 3M7
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