/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES./
CALGARY, June 1, 2012 /CNW/ - 3MV Energy Corp. ("3MV" of the
"Corporation") (TSXV: TMV) announces it is planning to raise up to $15
million by way of several equity private placements to be structured
and priced in the context of the market and is in discussions with
registered dealers. The net proceeds of the proposed equity private
placements will be used for well drilling, field development, working
capital purposes and debt reduction.
The proposed private placements are subject to the approval of the TSX
Venture Exchange. Any securities issued pursuant to the private
placements will be subject to a four-month hold period from closing, in
accordance with applicable securities laws.
The Corporation may pay cash commissions or fees and issue broker
warrants to eligible persons in connection with the proposed private
placements, subject to compliance with applicable securities laws.
3MV is an oil and gas exploration and development company with assets
throughout west central Saskatchewan's Viking oil play, including its
most recent discovery and oil pool development near Fiske, which is
located 60 kilometers east of Kindersley, SK. 3MV intends to focus its
drilling and production efforts on its Fiske light oil discovery. With
36 net sections of land subject to a farmout agreement (of which the
Company has earned and participated in 2.65 net sections) and another
section (crown lease) owned by 3MV, and a recent 19.9 km² 3D seismic
program, 3MV has identified and licensed 20 future drilling locations,
eight of which the Corporation considers to be infill locations. The
Corporation's recent success in the play, with three wells producing
over 100 boe/d during the first 30 days of production, has led to
significant reserves additions in the area. 3MV intends to build off
that momentum as quickly as is practicable with additional capital
raised in the upcoming periods.
Certain statements in this news release constitute forward-looking
statements. The forward-looking statements contained in this document
are based on certain key expectations and assumptions made by 3MV.
Although 3MV believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because 3MV can
give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the failure to obtain necessary regulatory approvals, risks
associated with the oil and gas industry in general (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 reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses,
and health, safety and environmental risks), commodity price and
exchange rate fluctuations and uncertainties resulting from potential
delays or changes in plans with respect to exploration or development
projects or capital expenditures. Readers are cautioned that the
foregoing list of factors is not exhaustive. Additional information on
these and other factors that could affect 3MV's operations and
financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
The forward-looking statements contained in this document are made as of
the date hereof and 3MV undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
Neither 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.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption
from the registration requirements. This news release does not
constitute an offer to sell or the solicitation of any offer to buy nor
will there be any sale of these securities in any province, state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such province, state or jurisdiction.
This news release is not for dissemination in the United States or to
any United States news services.
SOURCE 3MV Energy Inc.
For further information:
President & CEO
VP, Corporate Development