NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Feb. 15 /CNW/ - Pan Orient Energy Corp. (POE - TSXV), ("Pan
Orient" or "the Company"), is pleased to announce that, in connection
with its previously announced private placement, the Company and the
syndicate of underwriters co-led by Raymond James Ltd. and Macquarie
Capital Markets Canada Ltd. and including GMP Securities L.P.,
Canaccord Genuity Corp., Mackie Research Capital Corporation, Haywood
Securities Inc. and Paradigm Capital Inc. (the "Underwriters"), have
agreed to increase the size of the offering to 6,870,240 common shares
of the Company (the "Common Shares") at a price of $6.55 per Common
Share for gross proceeds of $45,000,072 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 687,024 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 $49,500,079.
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