/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 26 /CNW/ - ProspEx Resources Ltd. ("ProspEx" or the
"Company") is pleased to announce it has entered into a financing agreement
with respect to a $8,029,000 flow-through financing on a "bought deal" basis.
The Company will issue, on a private placement basis, 2,170,000 flow
through common shares at a price of $3.70 per share. This private placement
financing is being led by Peters & Co. Limited and includes CIBC World Markets
Inc., Cormark Securities Inc., FirstEnergy Capital Corp., Raymond James Ltd.,
TD Securities Inc., and Tristone Capital Inc.
The financing is scheduled to close on or about December 13, 2007, and is
subject to regulatory approval and stock exchange approval and completion of
Proceeds of the financing will be used to incur eligible Canadian
Exploration Expenses that will be renounced to subscribers effective on or
before December 31, 2007.
ProspEx Resources Ltd. is a Calgary-based junior oil and gas company
focused on exploration for natural gas in the Western Canadian Sedimentary
Certain information regarding ProspEx Resources Ltd. including
management's assessment of future plans and operations, constitutes
forward-looking information or statements under applicable securities law and
necessarily involve assumptions regarding factors and risks that could cause
actual results to vary materially, including, without limitation, assumptions
and risks associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition, incorrect assessment of the value of
acquisitions, failure to realize the anticipated benefits of acquisitions and
ability to access sufficient capital from internal and external sources.
The reader is cautioned that these factors and risks are difficult to
predict and that the assumptions used in the preparation of such information,
although considered reasonably accurate by ProspEx at the time of preparation,
may prove to be incorrect. Accordingly, readers are cautioned that the actual
results achieved will vary from the information provided herein and the
variations may be material. Readers are also cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and other
factors that could affect ProspEx's operations or financial results are
included in ProspEx's reports on file with Canadian securities regulatory
authorities. In particular see ProspEx's MD&A and the Risk Factors and
Industry Conditions sections of ProspEx's Annual Information Form. ProspEx's
reports may be accessed through the SEDAR website (www.sedar.com), at
ProspEx's website (www.psx.ca) or by contacting the Company directly.
Consequently, there is no representation by ProspEx that actual results
achieved will be the same in whole or in part as those set out in the
Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, and ProspEx does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law. The forward-looking statements
contained herein are expressly qualified by this cautionary statement.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the common shares of the Company in any jurisdiction. The
common shares of ProspEx have not been nor will be registered under the United
States Securities Act of 1933, and they may not be offered or sold in the
United States absent registration or an exemption from registration.
For further information:
For further information: John Rossall, President & Chief Executive
Officer, email@example.com, (403) 268-3941; or George Yee, Vice President
Finance and Chief Financial Officer, firstname.lastname@example.org, (403) 268-3942