/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO
THE UNITED STATES/
CALGARY, Dec. 10, 2012 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSX-V:PXL) is pleased to announce that it proposes to issue and sell
on a non-brokered basis, 1,462,512 common shares of Palliser on a
flow-through basis (the "Flow-through Shares") at an issue price of $0.82 per Flow-Through Share resulting in gross
proceeds of $1,199,260. Palliser will pay finder's fees of an aggregate
of $60,000 ( 6% on certain of the subscriptions) to net $1,139,260 from
Proceeds from the issuance of the Flow-Through Shares under the Offering
will be used by Palliser to incur Canadian exploration expenses (the "Qualifying Expenditures") prior to December 31, 2013. Palliser will renounce the Qualifying
Expenditures to subscribers of the Flow-through Shares for the fiscal
year ended December 31, 2012.
The Offering is scheduled to close on or about December 12, 2012 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the
TSX Venture Exchange, and other applicable securities regulatory
About Palliser Oil & Gas Corporation
Palliser is a Calgary-based emerging junior oil and gas company
currently focused on high netback heavy oil production in the greater
Lloydminster area of both Alberta and Saskatchewan.
Certain information regarding the Company in this news release including
the anticipated use of the proceeds of the Offering and the timing and
completion of the Offering may constitute forward-looking statements
under applicable securities laws. Although Palliser believes that the
expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because
Palliser 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. The
intended use of the net proceeds of the Offering by Palliser might
change if the board of directors of Palliser determines that it would
be in the best interests of Palliser to deploy the proceeds for some
The forward looking statements contained in this press release are made
as of the date hereof and Palliser 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.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
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 press
"This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available."
SOURCE: Palliser Oil & Gas Corporation
For further information:
Palliser Oil & Gas Corporation
Allan B. Carswell
President & COO
Ivan J. Condic
Vice President, Finance & CFO