CALGARY, Nov. 12 /CNW/ - November 12, 2007 - Crossfire Energy Services
Inc. ("Crossfire" or the "Company") today announced it has completed a
non-brokered private placement ("Placement") of 3,000,000 Common Shares
("Share") at $0.50 per share for total gross proceeds of $3,000,000. The
Company previously announced the Placement on October 6, 2007.
The Company issued 238,156 compensation options ("Warrants") to
registered investment dealers in conjunction with the Placement. Each Warrant
entitles the holder to acquire one Share for $0.50 for twelve months.
The private placement is being conducted under the Expedited Private
Placement Filing System of the TSX Venture Exchange and is subject to final
The Company's business strategy involves merging complimentary service
offerings together. As a result, it enables the Company to operate as a
one-stop-shop for the fabrication, construction and maintenance relating to
oilfield facilities. The strategy is guided by a focus to be recognized as a
specialist in the fabrication of a wide scope of oilfield facility components,
manufacturing subcontractor for major energy facilities projects, as well as
the construction and maintenance of oilfield facilities and pipeline.
The company's success is built upon a commitment to build long-term
relationships with clients, employees and investors. Crossfire is a publicly
traded company on the TSX Venture Exchange, symbol CFE.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Dean Bethune, President & CEO, Crossfire Energy
Services Inc., Suite 1700, 800 - 6th Avenue SW, Calgary, AB, T2P 3G3,
firstname.lastname@example.org, www.crossfireenergy.ca, (403) 237-5115; A. Scott
Hamilton, Chief Financial Officer, Crossfire Energy Services Inc., Suite 1700,
800 - 6th Avenue SW, Calgary, AB, T2P 3G3, email@example.com