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CALGARY, Feb. 11 /CNW/ - One Exploration Inc. ("OneEx") - TSXV: OEA) is pleased to announce the closing of its previously announced "bought deal" private placement financing (the "Offering"). Pursuant to the Offering, OneEx issued 100,000,000 special warrants of OneEx ("Special Warrants") for aggregate gross proceeds to OneEx of $25,000,000. The financing was completed through an underwriting syndicate led by National Bank Financial Inc., and including GMP Securities L.P., Wellington West Capital Markets Inc. and Haywood Securities Inc.
OneEx intends to use the net proceeds from the Offering to fund its 2010 drilling program and for general corporate purposes.
Each Special Warrant entitles the holder thereof to receive, without the payment of any additional consideration, one class A share of OneEx ("Class A Share") on the exercise or deemed exercise of the Special Warrant. The Special Warrants may be exercisable by the holders thereof at any time following the record date of OneEx's previously announced rights offering and will be automatically exercised at 5:00 p.m. (Calgary time) on the earlier of the following dates (which are hereinafter referred to as the "Expiry Date"): (i) the fifth day after the date a receipt (the "Receipt") is issued by the last of the securities regulatory authorities in the Provinces of Alberta, British Columbia, Saskatchewan, Manitoba and Ontario (the "Selling Jurisdictions") for a final prospectus qualifying the Class A Shares to be issued upon the exercise of the Special Warrants; and (ii) the date which is 4 months and one day from February 11, 2010 (the "Closing Date"). OneEx has agreed to use its reasonable best efforts to obtain such Receipt by the date which is 45 days from the Closing Date. In the event that OneEx fails to obtain receipts for the final prospectus in all Selling Jurisdictions within 45 days from the Closing Date, each Special Warrant will entitle the holder to acquire 1.1 Class A Shares on exercise or deemed exercise thereof.
One Exploration Inc. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. OneEx has 128,950,920 Class A Shares issued and outstanding. The Class A Shares of OneEx trade on the TSX Venture Exchange under the symbol OE.A.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "intend", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe",. "plans", "intends" and similar expressions are intended to identify forward-looking information or statements (collectively, "forward-looking statements").
This press release contains forward-looking statements concerning the anticipated use of proceeds of the Offering and the anticipated qualification of the Class A Shares by way of prospectus. OneEx has provided these forward-looking statements in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the continued business operations of OneEx the time required to prepare various materials for filing, the timing of receipt of the necessary regulatory approvals and the time necessary to obtain the Receipt. The use of proceeds and the filing of the prospectus may change for a number of reasons, including unforeseen changes in the business or operations of OneEx, unforeseen delays in preparing materials for filing, inability to secure necessary regulatory or court approvals in the time assumed. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release concerning these times. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect OneEx's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements and information contained in this press release are made as of the date hereof and OneEx 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.
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.
SOURCE ONE EXPLORATION INC.
For further information: For further information: Russell J. Tripp, President & CEO, One Exploration Inc., Phone: (403) 265-4115