TSX Venture Exchange
Trading Symbol: KIR
CALGARY, Nov. 2 /CNW/ - Kierland Resources Ltd. ("Kierland-KIR" or the "Company") announces that effective November 2, 2010 it has secured a new $800,000 credit facility with the National Bank of Canada. The facility is first secured principally by the company's producing oil and gas reserves. Kierland is also pleased to announce a non-brokered private placement of up to $200,000 of common shares issued on a "flow-through" basis at the price of $0.05 per share with one share purchase warrant at $0.075 for a period of 3 years. It is anticipated that the proceeds will be used for an active fourth quarter drilling program and to conduct additional three-dimensional (3D) seismic programs. The proceeds of the private placement will be used to incur eligible Canadian exploration expenses for the purposes of the Income Tax Act (Canada), and will be renounced to the subscribers. The shares will be subject to a four month hold period under applicable Canadian securities laws. Closing is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About Kierland Resources Ltd.
Kierland Resources Ltd. is a publicly traded junior oil and gas company focused on exploration and development of oil and natural gas including Saskatchewan and Alberta. The Company remains focused on strategic acquisitions and aggressively expanding production, reserves and opportunistic transactions in this sector.
This press release does 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 sale would be unlawful. The Flow-Through Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. 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.
Forward-Looking Statements and Information: The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kierland, including: (i) with respect to the anticipated closing dates of the transactions and financing, expectations and assumptions concerning timing of receipt of required shareholder, court and regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the transactions and financing and (ii) with respect to the anticipated exploration and development opportunities, anticipated recovery factors, anticipated 2010 capital expenditures and the anticipated 2010 average and exit rates of production, expectations and assumptions concerning the success of future exploration and development activities, the performance of existing wells, the performance of new wells and prevailing commodity prices.
Although Kierland 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 Kierland 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 and financing, 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 Kierland's Management Discussion and Analysis 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 Kierland 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.
%SEDAR: 00021452E
For further information: For further information:
Chad Dust | ||||
Telephone: | (403) 608 6505 (403) 975 6505 |
Share this article