MONTREAL, Dec. 31 /CNW Telbec/ - Rolland Energy Inc. (TSX-V: ROE), an
emerging junior oil and gas producer, announced today that it has completed
private placements of common shares and warrants, for aggregate gross proceeds
to the Corporation of $633,571.
An aggregate of 10,232,229 common shares were issued, of which 6,097,947
were "flow-through" shares issued at $0.07 per share and 4,134,282 were
non-"flow-through" shares issued at $0.05 per share. In addition, 10,232,229
common share purchase warrants were issued, of which 2,857,140 warrants expire
on December 29, 2009 and 7,375,089 warrants expire on January 1, 2009. Each
warrant entitles the holder thereof to acquire on additional
non-"flow-through" common share of the Corporation at a price of $0.10 per
"In raising these funds, the Corporation has completed the first phase of
the recapitalisation under the Corporation's previously announced
restructuring plan" said Michael McLellan, President and Chief Executive
Officer of the Corporation. "In combination with the private placement that
closed on October 19, 2007, the Corporation has attracted the capital to
assure the short-term viability of the Corporation and has started building
shareholder value by investing to increase the Corporation's
revenue-generating asset base", added Mr. McLellan.
In connection with the private placements, insiders of the Corporation
invested an aggregate of $5,001 and the Corporation paid finder's fees of an
aggregate of $27,244 to various arms-length persons.
Under applicable securities laws and the policies of the TSX Venture
Exchange, all securities issued in connection with these private placements
are subject to a four-month hold.
ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com
Rolland Energy is a public energy company focused on developing oil and
gas properties in Western Canada, building shareholder value through growth
from low-risk drilling and strategic acquisitions.
Statements included herein, including those that express management's
expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are based on assumptions and estimates that are
subject to various risks and uncertainties including but not limited to the
risks disclosed under the heading "Business Risks" in the Corporation's
periodic filings with Canadian securities regulators, including most recently
in its Management's Discussion and Analysis for the period ended June 30,
2007. Such information contained herein represents management's best judgment
as of the date hereof based on information currently available. The
Corporation does not assume the obligation to update any forward-looking
The TSX Venture Exchange has not reviewed this release and does not
accept responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Michael McLellan, President and Chief Executive
Officer, (514) 333-9292