CALGARY, Nov. 1 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announced today that it has submitted its Form S-1 registration
statement (the "Registration Statement") to the United States Securities and
Exchange Commission on October 23, 2007, to register 53,096,202 of its common
shares ("Common Shares") for resale by selling shareholders on a delayed or
The shares being registered represent all of the Company's Common Shares
currently issued and outstanding, together with Common Shares issuable upon
the exercise of outstanding options, warrants and the conversion of its debt
securities (as calculated at October 19, 2007). The Company will not receive
any proceeds from the sale of the Common Shares by the selling shareholders.
All the proceeds from the sale of the Common Shares will be for the respective
account of each selling shareholder.
Ausam filed this registration statement with the goals of increasing
liquidity for its shareholders and better supporting the development of the
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts
are "forward-looking statements" within the meaning of the federal securities
laws. Forward-looking statements, including statements regarding the
completion of the registration process, are inherently uncertain and subject
to a variety of risks that could cause actual results to differ materially
from those expected by management of Ausam Energy Corporation.
Ausam Energy Corporation is a public company engaged in the business of
oil and gas exploration and development. Ausam, through its U.S. subsidiary
Noram Resources, Inc, has acquired a diverse portfolio of oil and gas leases
and prospects in Texas, Louisiana, Mississippi, Alabama and Arkansas. Ausam,
through its Australian subsidiary Ausam Resources Pty Ltd., is active in
Queensland, Victoria and Western Australia. The Company trades under the
symbol "AZE" on the TSX Venture Exchange.
A copy of the preliminary prospectus relating to this offering may be
obtained, when it is available, from the Company at the address set forth
Ausam Energy Corporation
1430, 1122 - 4th Street S.W.
Calgary, Alberta T2R 1M1
Tel: (403) 215-2380
Fax: (403) 206-1457
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of Ausam in any jurisdiction. The
securities of Ausam have not been registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of
any state of the United States, and may not be offered or sold in the United
States absent registration or an applicable exemption therefrom under the 1933
Act and the securities laws of all applicable states.
For further information:
For further information: Ausam Energy Corporation, 1430, 1122 - 4th
Street S.W., Calgary, Alberta, T2R 1M1, Tel: (403) 215-2380, Fax: (403)