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TSX Venture Exchange: AFE
CALGARY, May 25 /CNW/ - Antler Creek Energy Corp. ("Antler" or the "Corporation") is pleased to announce that it has completed the remaining tranche of the non-brokered unit ("Unit"), flow-through unit ("FT Unit") and common share ("Share") private placement (the "Private Placement"), that was announced on April 26, 2010. Each Unit and FT Unit is comprised of one Share and one Share purchase warrant of Antler (a "Warrant"). Each Warrant entitles the holder to purchase one Share at a price of $0.50 over the next five years subject to certain Share performance criteria being satisfied.
Under this final tranche, Antler issued an additional 18,773,758 Shares and 6,969,691 Warrants, some of which comprised 2,121,691 Units and 18,000 FT Units at a price of $0.375 per security for gross aggregate proceeds of $7,842,543. Over the two tranches of the Private Placement, Antler issued a total of 53,042,340 Shares and 34,258,529 Warrants for the gross aggregate proceeds of approximately $19.9 million. Antler currently has approximately 57.4 million Shares issued and outstanding (92.9 million Shares on a fully-diluted basis).
The securities issued pursuant to the Private Placement are subject to a statutory four month hold period. In addition, the Units and FT Units of Antler and will be subject to a 24 month escrow wherein 25% of such securities shall be released on each of the 6th, 12th, 18th and 24th month anniversaries of the date of issuance. The Private Placement remains subject to the final approval of the TSX Venture Exchange.
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".
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 news release.
SOURCE ANTLER CREEK ENERGY CORP.
For further information: For further information: Antler Creek Energy Corp., c/o 1400, 350 - 7th Avenue SW, Calgary, Alberta, T2P 3N9, Attention: Wade Becker, President and CEO, Tel: (403) 230-6129, or Tel: 1-866-574-7931, Fax: (403) 265-4138