/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 17, 2012 /CNW/ - Emerald Bay Energy Inc. (TSX Venture:
EBY) (the "Corporation" or "Emerald Bay") today reported that the Corporation has closed its previously
announced private placement. Pursuant to the private placement,
14,240,000 units ("Units") were issued at a price of $0.05 per Unit, for aggregate consideration
of $712,000 (1,740,000 Units were purchased for $87,000 by a current
shareholder of the Corporation that controls (after this issuance),
directly or indirectly, just over 11% of the common shares of the
Corporation). Each Unit consisted of one (1) common share of the
Corporation and one (1) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1)
additional common share of the Corporation for a period of 12 months
from the issuance of the Units at a price of $0.10) (the "Offering").
The proceeds will be used for drilling wells, contributing to the
Corporation debt facilities and increasing working capital. A finder's
fee of $32,500 was paid to Trimor Capital Corporation in connection
with the private placement. Trimor Capital Corporation was also issued
650,000 finder's options as further compensation (each finder's option
exercisable into one Unit of the Corporation (on the same terms and
conditions as those received by the subscribers under this Offering)
for a period of 12 months from the issuance at a price of $0.05).
All of the Common Shares, Warrants, and finder's options issued pursuant
to the private placement are subject to a 4-month hold period.
Completion of the private placement is subject to the final approval of
the TSX Venture Exchange.
About Emerald Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas
producer with production properties in Western Canada and South
Texas. The common shares of Emerald Bay trade on the TSX Venture
Exchange under the symbol "EBY". Please visit our website at www.emeraldbayenergy.com.
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the adequacy or accuracy of this release.
SOURCE Emerald Bay Energy Inc.
For further information:
Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000 or by email at email@example.com,
CHF Investor Relations:
Robin Cook, Senior Account Manager, (416) 868-1079 x228, firstname.lastname@example.org.