/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 31 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY)
(the "Corporation") today reported that the Corporation has closed its previously
announced private placement. Pursuant to the private placement,
4,300,000 units ("Units") were issued at a price of $0.05 per Unit, for aggregate consideration
of $215,000. Each Unit consisted of one (1) common share of the
Corporation (issued either as a common share or as a "flow-through
share" pursuant to the Income Tax Act (Canada) (the "Flow-Through Share") at the subscriber's option) and one (1) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1)
additional common share of the Corporation for a period of twelve
months from the issuance of the Units at a price of $0.12) (the "Offering"). Of the total 4,300,000 common shares issued under this Offering, an
aggregate 1,300,000 were issued as Flow-Through Shares. A finder's fee
of $5,000 was paid to Brant Securities Limited along with the issuance
of 100,000 finder's options (the "Finder's Options"). Each Finder's Option is exercisable into one Unit (on a
non-flow-through basis) of the Corporation (on the same terms and
conditions as those received by the subscribers under this Offering).
The proceeds will be used for drilling wells, seismic activities and
increasing working capital.
All of the Flow-Through Shares, Common Shares and Warrants issued
pursuant to the private placement are subject to a four-month hold
period. Completion of the private placement is subject to the final
approval of the TSX Venture Exchange.
In connection with the Offering, Mr. Michael Rice, Chief Financial
Officer of the Corporation, acquired 120,000 Units.
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas
producer with production properties in Western Canada and South Texas.
The common shares of Emerald Bay trade on the TSX Venture Exchange
under the symbol "EBY". Please visit our website at www.emeraldbayenergy.com.
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 Emerald Bay Energy Inc.
For further information: For further information:
Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000 or by email at firstname.lastname@example.org,
CHF Investor Relations:
Robin Cook, Senior Account Manager, (416) 868-1079 x228, email@example.com.
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