TULSA, OK, Feb. 1, 2012 /CNW/ - American Natural Energy Corporation ("ANEC") (TSX Venture: ANR.U) announced that it intends to seek to raise additional capital, subject to TSX Venture Exchange approval. The terms of such transaction will involve the sale of up to 10 million Units consisting of 1 share of ANEC's Common Stock at a price of USD$0.10 per share and 1 warrant for the purchase of 1 share of ANEC's common stock exercisable at USD $0.20 per share for total proceeds of up to $1.0 million. If completed, such a transaction will result in dilution to the present holders of ANEC's Common Stock. The offer and sale of such securities by ANEC to the subscribers has not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Act"), and such securities may not be offered or sold in the United States absent registration under the Act or an available exemption from the registration requirements. Such offer and sale of its securities is intended to be made pursuant to the exemption from the registration requirements of the U.S. Securities Act afforded by Regulation D and in reliance upon Regulation S under that Act and will result in the issuance of "restricted securities" as defined in Rule 144 under the Act. There can be no assurance that ANEC will be successful in raising the additional capital through the sale of its Common Stock.
The additional capital will supplement the first tranche of $1 million provided for under the terms of the previously announced drilling fund term sheet. The first tranche of $1 million available under that financing closed and was funded today. The capital raise and drilling financing are for the development of ANEC's proven oil reserves. In connection with the transaction, ANEC issued 1.76 million shares of common stock of the Corporation to the investor in respect of investment banking services. The shares of common stock were acquired relying on the prospectus exemption under British Columbia securities laws contained in BC Instrument 72-503. As a result of the acquisition of shares, the investor owns and controls common stock of ANEC, representing approximately 11% of the issued and outstanding shares of common stock of ANEC. The shares of common stock were acquired for investment purposes in connection with the debenture transaction and the investor has no present intention to acquire ownership of or control over additional securities of ANEC. ANEC was represented by Crucible Capital Group, Inc., Member FINRA/SIPC, in the transaction.
ANEC is a Tulsa, Oklahoma based independent exploration and production company with operations in St. Charles Parish, Louisiana. For further information please contact Michael Paulk, CEO at 918-481-1440 or Steven P. Ensz, CFO at 281-367-5588.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This Press Release may contain statements which constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs and current expectations of ANEC, its directors, or its officers with respect to the future business, well drilling and operating activities and performance of ANEC. Forward-looking statements also include the plans and intentions of ANEC to offer and sell shares of its Common Stock and its ability to complete such a transaction. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The actual results and outcome of events may differ materially from those in the forward-looking statements as a result of various factors. The levels of and fluctuations in the prices for natural gas and oil and the demand for those commodities, the outcome of ANEC's development and exploration activities, including the success of its current and proposed well drilling activities and the availability of capital to pursue those activities could affect ANEC and its future prospects. ANEC's inability to raise additional capital would adversely affect its ability to pursue its drilling program and its liquidity. Important additional factors that could cause such differences are described in ANEC's periodic reports and other filings made with the Securities and Exchange Commission and may be viewed at the Commission's Website at http://www.sec.gov.
SOURCE American Natural Energy Corporation
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