Terrace closes underwriters' over-allotment option
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, July 31, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF; FRANKFURT: 2TR) is pleased to announce that Canaccord Genuity Corp. ("Canaccord"), on behalf of a syndicate of underwriters comprising Canaccord, Cormark Securities Inc., GMP Securities L.P. and Salman Partners Inc., has completed the exercise of the underwriters' over-allotment option. The underwriters purchased an additional 1,623,000 common shares of the Company at a price of $1.85 per share for total gross proceeds of $3,002,550 under the Company's short-form prospectus dated July 17, 2014.
The underwriters received a cash commission equal to 6.5% of the gross proceeds raised.
Aggregate gross proceeds raised from the base offering of 10,820,000 common shares completed on July 23, 2014 and the over-allotment option total $23,019,550.
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, 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.
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.For further information: please contact: firstname.lastname@example.org; Canadian Address Suite 1012 - 1030 West Georgia St. Vancouver, B.C. V6E 2Y3, Ph: 604.282.7897, Fx: 604.629-0418; US Address Suite, 400-202 Travis Street, Houston, Texas 77002, Ph: 713.227.0010, Fx: 713.227.0492