Tamarack Valley Energy Ltd. Announces Non-Brokered $4.1 million Flow-Through Share Financing
16 Novembre 2011 - 2:15PM
Marketwired
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES
Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the
"Company") is pleased to announce that it intends to complete a
non-brokered flow-through share financing comprised of: (i) a
private placement of 8,750,000 common shares of Tamarack ("Common
Shares") at $0.40 per share issued on a flow-through basis related
to Canadian exploration expense pursuant to the Income Tax Act
(Canada) (the "Tax Act") for gross proceeds of $3,500,000; and (ii)
a private placement of 1,600,000 common shares at a price of $0.375
per share issued on a flow-through basis related to Canadian
development expense pursuant to the Tax Act for gross proceeds of
$600,000.
The gross proceeds of the financing will be used to fund and
accelerate the exploration and development activities of the
Company by incurring eligible Canadian exploration expenses and
Canadian development expenses. Tamarack plans to drill 2 to 4 heavy
oil wells before the end of the fourth quarter, subject to rig
availability, and drill 2 (1.5 net) Cardium oil wells in Buck Lake
as soon as well licenses and oilfield services can be secured
expected to occur in the first quarter of 2012.
The flow-through share financing is expected to close on or
before November 25, 2011 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.
The flow-through shares will be subject to a four month plus a
day hold period from the closing date under applicable Canadian
securities laws.
The securities offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Act") and
may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements of such
Act. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas company involved in the
identification, evaluation and operation of resource plays in the
western Canadian sedimentary basin. The Company uses a rigorous,
proven modeling process to carefully manage risk and identify
growth opportunities and has assets at Lochend,
Garrington/Harmattan, Buck Lake and Quaich areas in Alberta,
southeast of Lloydminster in Saskatchewan and at Wilder in
northeast British Columbia.
Forward Looking Information
This press release contains certain forward-looking statements
within the meaning of applicable securities laws, including
statements relating to use of proceeds, closing of the financing
and receipt of regulatory approvals. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will",
"should", "believe", "intends", forecast", "plans", "guidance" and
similar expressions are intended to identify forward-looking
statements or information. The intended use of proceeds is based on
assumptions relating to the current business and investment climate
of the oil and gas business and the current business projections of
the management of Tamarack. Although management considers these
assumptions to be reasonable based on information currently
available to it, undue reliance should not be placed on the
forward-looking statements because Tamarack can give no assurances
that they may prove to be correct.
By their very nature, forward-looking statements involve
inherent risks and uncertainties (both general and specific) and
risks that forward-looking statements will not be achieved. These
risks and uncertainties include, but are not limited to: risks
associated with the oil and gas industry (e.g. operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of estimates and projections relating
to production, costs and expenses, health, safety, litigation and
environmental risks and the risks inherent in the estimation of
reserves); the risk of commodity price and foreign exchange rate
fluctuations, the ability to access sufficient capital from
internal and external sources and changes in tax, royalty and
environmental legislation. Due to the nature of the oil and natural
gas industry, budgets are regularly reviewed in light of the
success of expenditures and other opportunities which may become
available to Tamarack. Readers are cautioned that notwithstanding
the Company's current intentions regarding the use of the proceeds
of the financing, there may be circumstances where a reallocation
of funds may be necessary, subject to contractual obligations.
While Tamarack anticipates that it will spend the funds available
to it as set forth above, there may be circumstances where, for
sound business reasons, a reallocation of the proceeds may be
necessary, depending on future operations on Tamarack's properties
or unforeseen events.
The forward-looking statements contained in this news release
are made as of the date hereof and the Company does not undertake
any obligation to update publicly or to revise any of the included
forward- looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Tamarack Valley Energy Ltd. Brian Schmidt President
& CEO 403.263.4440 Tamarack Valley Energy Ltd. Ron Hozjan VP
Finance & CFO 403.263.4440www.tamarackvalley.ca
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