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CALGARY, June 23, 2011 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Corporation") (TSXV: YGR) is pleased to announce it
has closed its previously announced "bought deal" financing, completed
by way of a private placement, for the sale of 12,500,000 common
shares, on a flow-through basis, at $0.80 per share for gross proceeds
of $10,000,000 (the "Offering"). The underwriting syndicate for the
Offering was led by AltaCorp Capital Inc., and included Haywood
Securities Inc., GMP Securities L.P., Raymond James Ltd., and Acumen
Capital Finance Partners Limited.
Post closing, the outstanding common share balance of the Corporation
will be 116,307,057.
Proceeds of the offering will be used by Yangarra to accelerate its
drilling program in Central Alberta. Yangarra has a current drilling
inventory of 131 gross (78 net) horizontal locations in the Central
Alberta area and this financing will allow us to capitalize on numerous
opportunities to increase this drilling inventory and drill additional
high impact wells.
Updated Corporate Presentation
The corporate presentation has been updated and is available on the
Company's website at:
Certain information regarding Yangarra set forth in this news release,
including management's assessment of future plans, operations and
operational results may constitute forward-looking statements under
applicable securities law and necessarily involve risks associated with
oil and gas exploration, production, marketing and transportation such
as loss of market, volatility of prices, currency fluctuations,
imprecision of reserves estimates, environmental risks, competition
from other producers and ability to access sufficient capital from
internal and external sources. As a consequence, actual results may
differ materially from those anticipated in the forward-looking
All reference to $ (funds) are in Canadian dollars.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the Policies of the TSX Venture Exchange)
accepts responsibility for the adequacy and accuracy of this release.
SOURCE Yangarra Resources Ltd.
For further information:
James Evaskevich, President and CEO at (403) 262-9558.