/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 18 /CNW/ - Storm Resources Ltd ("Storm") is the new junior exploration and production company formed as part of an arrangement (the "Arrangement") between ARC Resources Ltd ("ARC") and Storm Exploration Inc. where ARC acquired all of the existing and outstanding common shares of Storm Exploration Inc. in a transaction which closed on August 17, 2010. Pursuant to the Arrangement, 16,631,241 common shares ("Shares") and 6,652,496 warrants (the "Warrants") to acquire common shares of Storm Resources Ltd. were issued to former Storm Exploration Inc. shareholders and 884,146 Shares were also issued to ARC pursuant to the Arrangement.
The Warrants are presently exercisable until 5:00 PM (Calgary time) on September 8, 2010 (15 business days following closing). Each whole Warrant allows a holder to acquire one Share for $3.28.
In addition, the management private placement (the "Private Placement") described in the circular mailed to Storm Exploration Inc. shareholders in association with the Arrangement has been fully subscribed for and has closed. As a result, an additional 2.3 million Shares have been issued at a price of $3.28 per Share.
Storm has made application to list the Shares and Warrants issued pursuant to the Arrangement and the Shares issued pursuant to the Private Placement on the TSX Venture Exchange (the "Exchange"). At this time, the application is being considered by the Exchange and we are not certain when, or if, such application will be approved by the Exchange and, therefore, if or when the Shares or Warrants will be listed for trading on the Exchange.
If the Warrants are not approved for listing on the Exchange on or before August 25, 2010, Storm plans to extend the expiry date of the term to such date as will ensure the Warrants are listed for a reasonable period prior to expiry. This extension would be subject to the receipt of all required approvals, including the approval of the Exchange if required.
Storm Resources Ltd. is a new junior exploration and production company with undeveloped lands totaling approximately 117,200 net acres in the Horn River Basin, Cabin/Kotcho/Junior and Umbach areas in northeastern British Columbia plus the Red Earth area of Alberta. In addition, Storm Resources Ltd. has equity investments in Storm Gas Resource Corp, Bellamont Exploration Ltd., Bridge Energy Norge ASA and Chinook Energy Inc. The website www.stormresourcesltd.com has an updated presentation and links to additional information.
Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to Storm's application for the listing of its Shares and Warrants and the possible extension of the expiry date for the Warrants. The reader is cautioned that the forward looking statements herein are based on certain assumptions regarding the ability of Storm to satisfy the listing requirements of the Exchange and to obtain, if required, the approvals necessary to extend the expiry date of the Warrants. These assumptions, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors including, but not limited to, the listing requirements of the Exchange not being satisfied on currently anticipated timelines, or at all. There is no representation by Storm that actual results achieved during the forecast period will be the same in whole or in part as those forecast. Except as may be required by applicable securities laws, Storm does not assume any obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
This news release is not for dissemination in the United States or to any United States news services. The common shares of Storm have not 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 in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
SOURCE Storm Resources Ltd.
For further information: For further information: Brian Lavergne, President & Chief Executive Officer or Donald McLean, Chief Financial Officer. Telephone: (403) 817-6145 Fax: (403) 817-6146