/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 28, 2013 /CNW/ - Emerald Bay Energy Inc. (TSX Venture:
EBY) (the "Corporation" or "Emerald Bay") today reported that on February 27, 2013, CHF Investor Relations, the
Corporation's investor relations firm, and two (2) other shareholders
of the Corporation (collectively, the "Selling Shareholders") sold an aggregate of 3,000,000 (of which CHF sold 1,000,000 common
shares)] common shares of the Corporation ("Common Shares") at a price of $0.055 per Common Share to members of the public
through the assistance of Mackie Research Capital Corporation None of
the Common Shares sold by the Selling Shareholders are subject to any
hold period restrictions.
Subsequent to the above sale of Common Shares, the Selling Shareholders
will, subject the final approval of the TSX Venture Exchange, acquire
at least 3,000,000 units pursuant to a private placement announced on
February 26, 2013. The terms of the proposed non-brokered private
placement are as follows: Up to maximum of 20,000,000 units ("Units") at a subscription price of $0.05 per Unit are to be offered. Each
Unit shall consist 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 Warrants are subject to an acceleration clause whereby if after
four months and one day following the date the Warrants are issued, the
closing price of the Common Shares of the Corporation on the principal
market on which such shares trade is equal to or exceeds $0.15 for 30
consecutive trading days (with the 30th such trading date hereafter referred to as the "Eligible Acceleration Date"), the Warrant expiry date shall accelerate to the date which is 30
calendar days following the date a press release is issued by the
Corporation announcing the reduced warrant term, provided, no more than
five business days following the Eligible Acceleration Date: (i) the
press release is issued; and (ii) notices are sent to all warrant
holders. The net proceeds will be used for exploration and expansion
of the Corporation's South Texas property and general working capital
All of the Common Shares and Warrants 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
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.
If you would like to receive press releases via email please contact email@example.com. Please specify "Emerald Bay press releases" in the subject line.
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.
SOURCE: Emerald Bay Energy Inc.
For further information:
Emerald Bay Energy Inc.: President, Shelby D. Beattie, by telephone at (403) 262-6000 or by email at firstname.lastname@example.org,
CHF Investor Relations: Robin Cook, Senior Account Manager, (416) 868-1079 x228, email@example.com.