CALGARY, Oct. 26 /CNW/ - Crossfire Energy Services Inc. ("Crossfire" or
the "Company") today announced a non-brokered private placement ("Placement")
of a maximum of 6,000,000 Common Shares ("Share") at $0.50 per share for total
gross proceeds of $3,000,000. The Company previously announced a non-brokered
private placement of a maximum of 4,000,000 Shares for total proceeds of
$2,000,000 on October 17, 2007.
"We have expanded the size of the Placement to accommodate demand," said
Scott Hamilton, Crossfire's Chief Financial Officer. "Proceeds of the
financing will be used to supplement working capital as we move into our
winter operating season and will give us the opportunity to establish our
equipment rental business".
The Company intends to immediately close on subscriptions received of
$2,300,970. The private placement is not subject to any minimum subscription
amount and a subsequent closing is expected during the week of October 29,
Crossfire will accept subscriptions for Shares from registered investment
dealers and others and may pay a cash commission and/or issue compensation
options to purchase Shares in accordance with TSX Venture Exchange Policies.
The compensation options will be exercisable at $0.50 per Share for one year
from the date of issue.
The private placement is being conducted under the Expedited Private
Placement Filing System of the TSX Venture Exchange and is subject to final
The Company's business strategy involves merging complimentary service
offerings together. As a result, it enables the Company to operate as a
one-stop-shop for the fabrication, construction and maintenance relating to
oilfield facilities. The strategy is guided by a focus to be recognized as a
specialist in the fabrication of a wide scope of oilfield facility components,
manufacturing subcontractor for major energy facilities projects, as well as
the construction and maintenance of oilfield facilities and pipeline.
The company's success is built upon a commitment to build long-term
relationships with clients, employees and investors. Crossfire is a publicly
traded company on the TSX Venture Exchange, symbol CFE.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Dean Bethune, President & CEO, Crossfire Energy
Services Inc., Suite 1700, 800 - 6th Avenue SW, Calgary, AB, T2P 3G3,
email@example.com, www.crossfireenergy.ca, (403) 237-5115; A. Scott
Hamilton, Chief Financial Officer, Crossfire Energy Services Inc., Suite 1700,
800 - 6th Avenue SW, Calgary, AB, T2P 3G3, firstname.lastname@example.org