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DISSEMINATION IN THE UNITED STATES/
CALGARY, Sept. 3 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the
"Company") today reported on recent activities.
Closing of Private Placement
We are pleased to announce that the Company has closed the first tranche
of its previously announced private placement (see press release dated
August 25, 2008). Research Capital Corporation acted as the agent (the
"Agent") for the private placement on a commercially reasonable efforts basis.
An aggregate of 6,131,169 flow-through common shares ("Flow-Through
Common Shares") were issued at a price of $0.15 per Flow-Through Common Share
(the "Offering") by the Company for gross proceeds of $919,675.35. The Agent
(and any sub-agents) was paid a cash commission of $91,967.54 in connection
with the Offering. In addition, the Agent was issued 613,117 non-transferable
options (the "Agent's Options") to acquire 613,117 common shares of the
Company for eighteen (18) months from the closing date of the Offering at a
price of $0.15 per common share.
The proceeds from the Offering will be used to fund the Company's fall
drilling program in Central Alberta.
All of the Flow-Through Common Shares issued pursuant to this Offering
are subject to a 4-month hold period.
ABOUT EMERALD BAY
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas
producer with production properties in Western Canada. The common shares of
Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please
visit our website at www.emeraldbayenergy.com.
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For further information:
For further information: Emerald Bay President, Shelby D. Beattie, by
telephone at (403) 262-6000 or by email at firstname.lastname@example.org, or CHF Investor
Relations: Catarina Cerqueira, Associate Account Manager, (416) 868-1079 x251,
email@example.com; Christopher Haldane, Account Manager, (416) 868-1079 x237,