/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 14 /CNW/ - Pan Orient Energy Corp. (POE - TSXV), ("Pan Orient" or "the Company"), is pleased to announce that it has
entered into an agreement with Raymond James Ltd. and Macquarie Capital
Markets Canada Ltd., acting as co-lead underwriters on behalf of a
syndicate of underwriters (the "Underwriters"), to purchase 6,106,880
common shares of the Company (the "Common Shares") at a price of $6.55
per Common Share for gross proceeds of $40,000,064 on a bought deal
private placement basis (the "Offering").
The Company has also granted the Underwriters an option (the
"Underwriters' Option") to increase the size of the Offering by up to
an additional 610,688 Common Shares, such option being exercisable at
any time up to 48 hours prior to the closing of the Offering. If the
Underwriters' Option is exercised in full, the aggregate gross proceeds
raised will be $44,000,070.
The net proceeds from the Offering will be used to fund the exploration
and development of the Company's petroleum assets in Thailand and
Indonesia, general business development and working capital purposes.
Closing of the Offering is anticipated to occur on or about March 8,
2011 (the "Closing Date") and is subject to the receipt of applicable
regulatory approvals including approval of the TSX Venture Exchange.
The Common Shares will be subject to a statutory hold or restricted
period of four months following the Closing Date.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the 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, or for the account or benefit of U.S. persons (as defined
in Regulation S under the 1933 Act) absent such registration or an
applicable exemption from such registration requirements.
Pan Orient is a Calgary, Alberta based oil and gas exploration and
production company with operations currently located onshore Thailand,
Indonesia and in Western Canada.
Advisory. This press release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The use of
any of the words "expect", "anticipate", "continue", "estimate", "may",
"will", "project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking information or
statements. In particular, but without limiting the forgoing, this
press release contains statements concerning the anticipated closing
date of the Offering and the anticipated use of the net proceeds of the
Offering. Although Pan Orient believes that the expectations reflected
in these forward looking statements are reasonable, undue reliance
should not be placed on them because Pan Orient 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. The closing of the Offering could be
delayed if Pan Orient is not able to obtain the necessary regulatory
and stock exchange approvals on the timelines it has planned. The
Offering will not be completed at all if these approvals are not
obtained or some other condition to the closing is not satisfied.
Accordingly, there is a risk that the Offering will not be completed
within the anticipated time or at all. The intended use of the net
proceeds of the Offering by Pan Orient might change if the board of
directors of Pan Orient determines that it would be in the best
interests of Pan Orient to deploy the proceeds for some other purpose,
such as an acquisition. The forward looking statements contained in
this press release are made as of the date hereof and Pan Orient
undertakes no obligations 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.
SOURCE Pan Orient Energy Corp.
For further information:
Pan Orient Energy Corp.
President and CEO
Pan Orient Energy Corp.
Vice President Finance and CFO