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TSX Venture Exchange: AFE
CALGARY, July 9 /CNW/ - Antler Creek Energy Corp. ("Antler Creek") (TSXV: AFE) is pleased to announce that the over-allotment option ("Over-Allotment Option") associated with its $25 million equity financing which closed on July 7, 2010 (the "Financing") has been exercised in full by the underwriters. Pursuant to the Financing, Antler Creek granted an Over-Allotment Option, exercisable for a period of 30 days following the closing of the Financing, to purchase an additional 3,607,500 common shares (representing 15% of the common shares issued pursuant to the Financing) at a price of $1.04 per common share for gross proceeds of $3,751,800. Antler Creek presently has approximately 85 million common shares issued and outstanding.
The net proceeds will be used to fund Antler Creek's ongoing exploration and development activities and for general corporate purposes.
Antler Creek Energy Corp. is a Calgary, Alberta based company engaged in the oil and gas exploration and development industry. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "AFE".
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States absent registration or applicable exemption from those registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or salewould be unlawful.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the use of proceeds of the Offering. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Antler Creek, including expectations and assumptions concerning the closing of the previously announced acquisitions, the success of future drilling and development activities, the performance of existing wells, the performance of new wells and prevailing commodity prices. Although Antler Creek believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Antler Creek 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the transactions, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in Antler Creek's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this document are made as of the date hereof and Antler Creek undertakes no obligation 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 the 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 ANTLER CREEK ENERGY CORP.
For further information: For further information: Antler Creek Energy Corp., Suite 500, 255 - 5th Avenue S.W., Calgary, Alberta, T2P 3G6, Wade Becker, President and CEO, email@example.com, or Dan Toews, V.P. Finance & CFO, firstname.lastname@example.org, Tel: (403) 817-2550, or Fax: (403) 817-2599