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CALGARY, Nov. 8, 2013 /CNW/ - Caracal Energy Inc. ("Caracal" or the
"Company"), (LSE: CRCL) today announced pricing and placement details
of a previously disclosed common share offering.
Caracal has agreed to issue an aggregate of 27,862,994 new common shares
(the "New Shares") by way of the Canadian Offer and the Global Offer at
a price of U.S.$7.24 per New Share or £4.50 per New Share, for
aggregate total proceeds of U.S.$201,829,776.
The Canadian Offer is being underwritten by a syndicate of investment
dealers consisting of RBC Dominion Securities Inc., FirstEnergy Capital
Corp., Canaccord Genuity Corp. and Barclays Capital Canada Inc.
Caracal intends to apply the principal part of the net proceeds of the
Canadian Offer and Global Offer by the end of 2014 to fund the
acceleration of its exploration program.
The full details of the Canadian Offer and certain details of the Global
Offer will be set out in a Prospectus Supplement under Caracal's Short
Form Base Shelf Prospectus dated October 24, 2013, which will be
available electronically at www.sedar.com.
About Caracal Energy Inc.
Based in Canada, Caracal Energy Inc. is an international exploration and
development company focused on oil and gas exploration, development and
production activities in the Republic of Chad, Africa. In 2011, the
Company entered into three production sharing contracts from the
government of the Republic of Chad.
Gary Guidry, President and Chief Executive Officer, commented:
"We are pleased to have priced the offer of new shares in an
oversubscribed bookbuild and we appreciate the support of our existing
shareholders and welcome a number of new institutions on to the
register. The additional funds will enable us to accelerate our
exploration programme with the drilling and completion of ten
additional exploration wells by the end of 2014."
This news release contains forward-looking statements. When used in this
news release, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "seek", "propose", "estimate",
"expect", and similar expressions, as they relate to Caracal or an
affiliate of Caracal, are intended to identify forward-looking
statements. In particular, this news release contains forward-looking
statements with respect to, among other things, the Canadian Offer and
the Global Offer and the use of proceeds from the Canadian Offer and
the Global Offer. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
statements. Such statements reflect Caracal's current views with
respect to future events based on certain material factors and
assumptions and are subject to certain risks and uncertainties,
including without limitation, changes in market, competition,
governmental or regulatory developments, general economic conditions
and other factors set out in Caracal's public disclosure documents.
Many factors could cause Caracal's actual results, performance or
achievements to vary from those described in this news release,
including without limitation those listed above. These factors should
not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release as intended,
planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in this news
release, should not be unduly relied upon. Such statements speak only
as of the date of this news release. Caracal does not intend, and does
not assume any obligation, to update these forward-looking statements
except as required by law. The forward-looking statements contained in
this news release are expressly qualified by this cautionary statement.
SOURCE: Caracal Energy Inc.
For further information:
Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
Longview Communications - Canadian Media Enquiries
FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 207 8313 3113