Ausam announces results of annual and special meeting, close of securities issuance



    
                     TSX Venture Exchange - Symbol "AZE"
                     OTC Bulletin Board - Symbol "ASMEF"
    

    CALGARY, Oct. 27 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") is pleased to announce that at the annual and special meeting of
its shareholders held on October 23, 2008, the shareholders of the Company
overwhelmingly approved the change of name of the Company from Ausam Energy
Corporation to Noram Resources, Inc., the continuance of the Company from the
province of Alberta to the State of Delaware, the extension of the current
stock option plan of the Company, the appointment of KPMG LLP as auditors, and
the re-election of directors. The change of name and continuance will become
effective upon the making of certain filings with and the receipt of approvals
from Alberta Registries, the TSX Venture Exchange (the "TSXV"), and the
Secretary of State of Delaware. The change of name and continuance will not
affect the stock exchange symbols used by the Company or the ability of
shareholders to trade their shares on the TSXV or the OTC Bulletin Board.
    The Company also announced that it has closed a private placement
financing (the "Offering") consisting of 656,501 units ("Units") at a price of
US$1.50 (C$1.92) per Unit, each Unit consisting of one common share in the
capital of the Company (each a "Common Share") and one half of one Common
Share purchase warrant (each a "Unit Warrant"), each whole Unit Warrant
entitling the holder thereof to purchase one Common Share at a price of
US$1.50 for a period of 60 months from the date of issuance, for aggregate
gross proceeds of US$984,751.50. All securities issued pursuant to the
Offering are subject to a hold period of four months in accordance with
applicable Canadian securities laws and TSXV regulations and are restricted
securities under United States securities laws.
    The TSXV has conditionally approved the listing of the Common Shares and
the Common Shares issuable upon exercise of the Unit Warrants, subject to
receipt of certain final materials. The Company will issue a further press
release at the time of issuance of the TSXV bulletin.

    About Ausam

    Ausam is a public company engaged in the business of oil and gas
exploration and development. Ausam, through its U.S. subsidiary Noram
Resources, Inc, has acquired a diverse portfolio of oil and gas leases and
prospects in Texas, Louisiana, Mississippi, Alabama and Arkansas. Ausam,
through its Australian subsidiary Ausam Resources Pty Ltd., holds interests in
permits in Queensland and Victoria. Ausam's growth strategy includes the
systematic development of its current holdings and selective corporate
transactions. The Company trades under the symbol "AZE" on the TSX Venture
Exchange and the symbol "ASMEF" on the OTC Bulletin Board.

    
    William M. Hitchcock,
    Chairman

    Cautions Regarding Forward-Looking Statements

    Forward-looking statements (often, but not always, identified by the use
of words such as "expect", "may", "could", "anticipate" or "will" and similar
expressions) may describe expectations, opinions or guidance that are not
statements of fact. Forward-looking statements are based upon the opinions,
expectations and estimates of management of Ausam as at the date the
statements are made and are subject to a variety of known and unknown risks
and uncertainties and other factors that could cause actual events or outcomes
to differ materially from those anticipated or implied by such forward-looking
statements. Those factors include, but are not limited to risks, uncertainties
and other factors that are beyond the control of Ausam. In light of the risks
and uncertainties associated with forward-looking statements, readers are
cautioned not to place undue reliance upon forward-looking information.
Although Ausam believes that the expectations reflected in the forward-looking
statements set out in this press release are reasonable, it can give no
assurance that such expectations will prove to have been correct. The
forward-looking statements of Ausam contained in this press release, or
incorporated herein by reference, are expressly qualified, in their entirety,
by this cautionary statement.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of Ausam in any jurisdiction. The
securities of Ausam which have not been registered under the Securities Act of
1933, as amended (the "1933 Act") may not be offered or sold in the United
States absent registration or an applicable exemption therefrom under the 1933
Act and applicable state securities laws.

    %SEDAR: 00008979E




For further information:

For further information: Mark G. Avery, President and CEO,
mavery@ausamenergy.com, Tel: 1-832-678-2200, Fax: 1-832-678-2205; Ralph D.
Davis, Chief Financial Officer, rdavis@ausamenergy.com, Web site:
www.ausamenergy.com

Organization Profile

AUSAM ENERGY CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890