/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
CALGARY, Aug. 17 /CNW/ - Cequence Energy Ltd. ("Cequence" or the
"Company") (TSX: "CQE", formerly "SAB"), is pleased to announce the completion
of its previously announced rights offering. Under the rights offering,
shareholders subscribed for and purchased an aggregate of 26,460,570 common
shares of the Company at a price of $0.37 per common share resulting in gross
proceeds to the Company of approximately $9.8 million.
The rights were originally issued to holders of common shares of record
on July 13, 2009. Each such shareholder was entitled to one right for each
common share held. 1.423039 rights entitled a holder to purchase one common
share of the Company at a subscription price of $0.37 per common share
commencing on July 17, 2009.
The rights expired at 4:00 p.m. (Calgary time) on August 14, 2009.
Trading in the rights on the TSX ceased at 12:00 noon (Calgary time) on August
The trading symbol for the Company has been changed from "SAB" to "CQE"
effective at the commencement of trading today.
Cequence is a publicly traded Canadian energy company involved in the
exploration, development and production of natural gas and crude oil in
Forward looking Information
Certain information included in this press release constitutes
forward-looking information under applicable securities legislation. Such
forward-looking information is provided for the purpose of providing
information about management's current expectations and plans relating to the
future. Readers are cautioned that reliance on such information may not be
appropriate for other purposes, such as making investment decisions.
Forward-looking information typically contains statements with words such as
"anticipate", "believe", "expect", "plan", "intend", "estimate", "propose",
"project" or similar words suggesting future outcomes or statements regarding
an outlook. Forward-looking information in this press release may include, but
is not limited to, information with respect to: business strategy and
objectives; development, exploration, acquisition and disposition plans and
the timing thereof; reserve quantities and the discounted present value of
future net cash flows from such reserves; future production levels.
Forward-looking information is based on a number of factors and assumptions
which have been used to develop such information but which may prove to be
incorrect. Although the Company believes that the expectations reflected in
such forward-looking information is reasonable, undue reliance should not be
placed on forward-looking information because the Company can give no
assurance that such expectations will prove to be correct. In addition to
other factors and assumptions which may be identified in this press release,
assumptions have been made regarding, among other things: the impact of
increasing competition; the timely receipt of any required regulatory
approvals; the ability of the Company to obtain qualified staff, equipment and
services in a timely and cost efficient manner; the ability of the operator of
the projects which the Company has an interest in to operate the field in a
safe, efficient and effective manner; the ability of the Company to obtain
financing on acceptable terms; field production rates and decline rates; the
ability to replace and expand oil and natural gas reserves through
acquisition, development of exploration; the timing and costs of pipeline,
storage and facility construction and expansion and the ability of the Company
to secure adequate product transportation; future oil and natural gas prices;
currency, exchange and interest rates; the regulatory framework regarding
royalties, taxes and environmental matters; and the ability of the Company to
successfully market its oil and natural gas products. Readers are cautioned
that the foregoing list is not exhaustive of all factors and assumptions which
have been used.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks and uncertainties which could
cause actual results to differ materially from those anticipated by the
Company and described in the forward-looking information. The material risk
factors affecting the Company and its business are contained in the Company's
Annual Information Form which is available under the Company's issuer profile
on SEDAR at www.sedar.com.
The forward-looking information contained in this press release is made
as of the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by applicable
securities laws. The forward looking information contained in this press
release is expressly qualified by this cautionary statement.
The Toronto Stock Exchange has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Howard Crone, President and Chief Executive
Officer, (403) 229-3050, firstname.lastname@example.org