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TSX Venture Exchange
Trading Symbol: PCA
CALGARY, Dec. 23 /CNW/ - PetroSands Resources (Canada) Inc. ("PetroSands" or the "Company")(TSX-V:PCA) is pleased to announce that is has closed its previously
announced private placement financing (the "Financing") which was announced in the Company's December 3, 2010 press release
for total proceeds of approximately $5 million. In addition, the
Company is pleased to announce that it intends on closing on an
additional amount of up to $2 million on the same terms as the
The Financing is of units of the Company ("Units") at a price of $1.10 per Unit and is now for total gross proceeds of
up to $7 million with the increase. Purchasers resident in the United
States who purchase Units will receive Common Shares in the place of
the Flow-Through Shares. As of the date hereof, the Company has issued
a total of approximately 4.5 million Units, resulting in the issuance
of approximately 9 million common shares in the capital of the Company
and 9 million common share purchase warrants.
The foregoing securities will be subject to a four month hold period.
Closing of the Financing is subject to, among other things, regulatory
approval. Proceeds from the Financing are intended to be used to fund
the Company's fourth quarter 2010 and first quarter 2011 drilling
program and for general corporate purposes. The Company will be
applying to list the Common Shares, Flow-Through Common Shares and
Warrants on the facilities of the TSX Venture Exchange, such listing
being subject to approval of the TSX Venture Exchange.
About PetroSands Resources (Canada) Inc.
PetroSands Resources (Canada) Inc. is a publicly traded junior oil and
gas company focused on exploration and development of oil and natural
gas in Canada. The Company remains focused on strategic acquisitions
and aggressively expanding production, reserves and opportunistic
transactions in this sector. The Company holds in excess of 35,000 net
acres of undeveloped land for production and exploration and currently
has approximately 16.2 million shares outstanding.
The securities offered 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 applicable exemption
from the registration requirements. This press release shall 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
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 PetroSands, including
with respect to the anticipated closing date(s) of the Financing, use
of proceeds of the Financing and the listing of the Common Shares,
Flow-Through Shares and Warrants, expectations and assumptions
concerning timing of receipt of required regulatory approvals and third
party consents and the satisfaction of other conditions to the
completion of the Financing and the listing of said securities.
Although PetroSands 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
PetroSands 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 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 PetroSand'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 PetroSands 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.
SOURCE CanRock Energy Corp.
For further information: For further information:
Telephone: (403) 608-6505
Telephone: (403) 975-6505