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DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 25 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the
"Company") today reported on recent activities.
Revised Private Placement
We are pleased to announce that the Company has entered into an
engagement letter regarding a revised commercially reasonable efforts offering
with Research Capital Corporation as Agent (the "Agent"). The engagement
letter contemplates a minimum offering of $500,000 and a maximum of $1,200,000
in flow-through common shares ("Flow-Through Common Shares") of the Company at
a price of $0.15 per Flow-Through Common Share. This offering supersedes and
replaces the Company's previously announced private placement (see press
release dated June 10, 2008) whereby the Company intended to offer a minimum
of $500,000 and a maximum of $1,000,000 in Flow-Through Common Shares of the
Company at a price of $0.20 per Flow-Through Common Share.
The Agent's compensation remains unchanged from the previously announced
private placement. The Agent will receive a cash commission equal to up to 10%
of the gross proceeds received by the Company from the sale of the Units, in
addition to a due diligence and administration fee of $30,000. The Agent will
also receive a non-transferable option (the "Agent's Option") to acquire that
number of common shares that is equal to up to 10% of the gross number of
Flow-Through Common Shares sold, at a price of $0.15 per common share for a
period of 18 months from the date of closing. The use of proceeds from the
offering will be utilized for the Company's fall drilling program in Central
All of the Flow-Through Common Shares issued pursuant to this private
placement are subject to a four-month hold period. Completion of the private
placement is subject to the final approval of the TSX Venture Exchange.
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: Christopher Haldane, Account Manager, (416) 868-1079 x237,
email@example.com; Jeanny So, Account Manager, (416) 868-1079 x225,