PETRODORADO ANNOUNCES $35 MILLION BOUGHT DEAL FINANCING
04 Février 2011 - 1:49PM
PR Newswire (Canada)
CALGARY, Feb. 4 /CNW/ -- NOT FOR DISSEMINATION IN THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. WIRE SERVICES CALGARY, Feb. 4 /CNW/ -
Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSXV-PDQ)
is pleased to announce that it has entered into an agreement with
Canaccord Genuity Corp. as lead underwriter on behalf of a
syndicate of underwriters including Raymond James Ltd. and TD
Securities Inc. (collectively, the "Underwriters"), for the sale of
53,900,000 common shares in the capital of the Company (the "Common
Shares"), on a bought deal basis, at a price of $0.65 per Common
Share for gross proceeds of approximately $35 million (the
"Offering"). In addition, the Underwriters shall have the option to
purchase up to an additional 8,085,000 Common Shares, exercisable
in whole or in part at any time prior to 30 days after the Closing
Date, at the same price and terms as the Offering for additional
gross proceeds of up to $5,255,250. The net proceeds from the
Offering will be used to fund the exploration and development of
the Company's petroleum assets in Colombia, Peru and Paraguay and
general business development, acquisitions and working capital
purposes. The Common Shares will be offered by way of a short form
prospectus to be filed in certain provinces of Canada pursuant to
National Instrument 44-101 - Short Form Prospectus Distributions
and will also be offered for sale internationally pursuant to
applicable registration or prospectus exemptions as permitted. The
Offering is scheduled to close on or about March 1, 2011 (the
"Closing Date") 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 and the securities
regulatory authorities. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
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, or for
the account or benefit of U.S. persons (as defined in Regulation S
under the 1933 Act) absent such registration or an applicable
exemption from such registration requirements. About Petrodorado
Energy Ltd. Petrodorado is primarily engaged in petroleum and
natural gas exploration and development activities in Colombia,
Peru and Paraguay. Its head office is located in Calgary, Alberta,
Canada and Petrodorado's common shares are traded on the TSXV under
the trading symbol PDQ. Cautionary Note Regarding Forward-Looking
Statements Except for the statements of historical fact contained
herein, certain information presented herein constitutes
"forward-looking statements". More particularly, this news release
contains statements concerning the anticipated date for the closing
of the Offering and the use of proceeds of the Offering. The
forward-looking statements contained in this document, including
expectations and assumptions concerning the obtaining of the
necessary regulatory approvals, the satisfaction of applicable
conditions to the closing of the Offering, and assumptions,
opinions and views of the Company or cited from third party sources
are solely opinions and forecasts which are uncertain and subject
to risks. Forward-looking statements include but are not limited to
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance 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 are cautioned that the assumption used in the preparation
of the forward-looking statements, although considered reasonable
at the time of preparation may prove to be imprecise and, as such
undue reliance should not be placed on forward-looking statements.
The forward-looking statements contained in this press release are
made as of the date of this press release. Except as required by
law, the Company disclaim any intention and assume no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law. Additionally, the Company
undertakes no obligation to comment on the expectations of, or
statements made, by third parties in respect of the matters
discussed above. 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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/04/c7956.html
pKrishna Vathyam, President and CEObr/ (403) 235-2804br/ Email: a
href="mailto:info@petrodorado.com"info@petrodorado.com/abr/
bWebsite:/ba
href="http://www.petrodorado.com"www.petrodorado.com/a/p
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