/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/
CALGARY, June 29, 2012 /CNW/ - Butte Energy Inc. ("Butte" or the "Company") announces that further to its press release dated May 16, 2012, it remains the intention of the Company to complete the non-brokered private placement of up to 28 million common shares at an issue price of $0.25 per share subject to regulatory approval.
The net proceeds of this offering will be used in the Company's on-going exploration and development activities in Central Alberta including the Company's farm-out obligations and for working capital.
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposed private placement, and use of proceeds from the proposed private placement, including statements regarding the receipt of regulatory approval. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that regulatory approval will not be obtained in a timely manner or at all. The statements in this news release are made as of the date of this release. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Proposed Acquisition and associated transactions and has neither approved nor disapproved of the contents of this press release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
For further information:
Butte Energy Inc.
Victor Redekop, Chairman
Tel: (403) 541-5310