/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, March 6 /CNW/ - Stratic Energy Corporation ("Stratic") announces
that its previously announced financing has closed.
Under the terms of the bought deal offering, Stratic issued 18,518,520
common shares at a price of $1.35 per share, and 23,018,520 subscription
receipts at a price of $1.35 per subscription receipt for gross proceeds of
$56,075,004. The bought deal offering was organized by a syndicate of
underwriters comprising GMP Securities L.P. (lead), Tristone Capital Inc.,
Dundee Securities Corporation, Westwind Partners Inc. and Toll Cross
Each subscription receipt confers the right to receive one common share
of Stratic on the closing of the proposed merger with Grove Energy Limited
("Grove") announced on February 5, 2007. The proceeds of the subscription
receipt portion of the offering have been deposited in escrow pending the
closing of the merger. If the merger with Grove has not closed, or will not
close, prior to June 30, 2007, Stratic is required to repurchase the
subscription receipts from the holders thereof at the original purchase price
plus a pro rata share of any earned interest.
The net proceeds from the financing will be used to fund the continued
exploration and development of Stratic's oil and natural gas properties in
Turkey, the UK North Sea, Italy, Syria and Morocco, as well as for acquisition
and working capital purposes. The proceeds from the common shares issued in
subscription receipts form will, upon completion of the merger with Grove, be
used for the same purposes and for the continued exploration and development
of Grove's portfolio in Italy, the Dutch North Sea and Tunisia.
In accordance with applicable securities legislation and stock exchange
policies, the common shares and subscription receipts are subject to a four-
month hold period that expires on July 7, 2007.
Further information on Stratic and its operations can be found on the
company's website at www.straticenergy.com.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this news release.
For further information:
For further information: Kevin Watts, President & Chief Executive,
+44 20 7016 6421; Roger Fullerton, Manager, Investor Relations,
(952) 929-7243, Website: www.straticenergy.com, Email: