Vero Energy Inc. announces closing of $17.9 million bought deal private placement financing



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES./

    CALGARY, Feb. 28 /CNW/ - Vero Energy Inc. (TSX - VRO, "Vero" or the
"Company") is pleased to announce that it has closed its previously announced
private placement financing, on a bought deal basis, with an underwriting
syndicate co-led by FirstEnergy Capital Corp. and GMP Securities L.P., and
including BMO Capital Markets Inc., Paradigm Capital Inc., Maison Placements
Canada Inc., Thomas Weisel Partners Canada Inc. and Tristone Capital Inc.
pursuant to which Vero issued 1,940,000 common shares on a "flow-through"
basis at a price of $9.25 per share for total gross proceeds of approximately
$17.9 million.
    Gross proceeds from the sale of the flow-through common shares will be
used to fund ongoing exploration activities eligible for Canadian exploration
expenses. The eligible exploration expenses will be renounced in favor of the
subscribers of the flow-through common shares effective on or before
December 31, 2008.
    The shares issued pursuant to the private placement are subject to a four
month hold period under applicable securities laws expiring June 29, 2008.
    Vero is a Calgary based, junior oil and natural gas exploration and
development company headquartered in Calgary, Alberta, Canada. Vero's common
shares trade on the Toronto Stock Exchange under the symbol VRO.

    The flow-through shares offered have not been and will not be registered
under the United States Securities Act of 1933, as amended and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirement. This material change report 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.

    Forward Looking Statements: Certain information regarding the Company in
this news release including the anticipated use of the proceeds of the private
placement, may constitute forward-looking statements under applicable
securities laws and necessarily involve risks including, without limitation,
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 from other producers, inability to retain
drilling rigs and other services, the timing and length of plant turnarounds
and the impact of such turnarounds and the timing thereof, delays resulting
from or inability to obtain required regulatory approvals and ability to
access sufficient capital from internal and external sources. Although Vero
believes that the expectations reflected in these forward looking statements
are reasonable, undue reliance should not be placed on them because Vero 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.
    The forward looking statements contained in this press release are made
as of the date hereof and Vero 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.

    %SEDAR: 00022902E




For further information:

For further information: Doug Bartole, President & CEO, at (403)
218-2063; Gerry Gilewicz, Vice-President Finance & CFO, at (403) 693-3170;
Scott Koyich, Investor Relations, (403) 215-5979; Internet: www.veroenergy.ca

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Vero Energy Inc.

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