Platform Resources Inc. announces $20 million bought deal private placement financing

    THE U.S./

    CALGARY, June 7 /CNW/ - Platform Resources Inc. (the "Company" or
"Platform") (name change approved to Alberta Oil Sands Inc. at annual general
meeting held on May 29, 2007) is pleased to announce that it has entered into
a private placement common share and flow-through common share financing
agreement, on a bought deal basis, with an underwriting syndicate led by
Canaccord Capital Corporation and including Genuity Capital Markets and GMP
Securities L.P. Platform will issue 8,888,900 common shares and 4,848,500
flow-through common shares at a price of $1.35 per common share and $1.65 per
flow-through common share for total gross proceeds of approximately
$20 million.
    The private placement financing is scheduled to close on June 28, 2007
and is subject to customary conditions including regulatory approval.
    The proceeds of the financing will be used to fund the Company's 2007
capital expenditure program. Proceeds from the issuance of the flow-through
common shares will be used to incur Canadian exploration expenses on continued
exploration of the Company's oil and natural gas properties in Western Canada,
including its Athabasca oil sands lands, prior to December 31, 2008 and will
be renounced to subscribers of the flow-through common shares effective
December 31, 2007.
    The common shares of the Company are listed on the TSX Venture Exchange
and trade under the symbol "PFM".


    "Shabir Premji"
    Executive Chairman
    June 7, 2007

    Forward-Looking Statements: This press release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law including management's assessment of Platform's
properties, production and prospects. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.

For further information:

For further information: Platform Resources Inc., Suite 2800, 350 - 7th 
Avenue S.W., Calgary, Alberta, T2P 3N9; Shabir Premji, Executive Chairman, T:
(403) 232-3341, F: (403) 263-6702,; Company

Organization Profile


More on this organization

Canaccord Capital Corporation

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890