/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 13 /CNW/ - Quetzal Energy Ltd. ("Quetzal" or the
"Company") (TSXV: QEI) is pleased to announce that it has obtained a
receipt for its preliminary short form prospectus dated January 13,
2011, filed with the securities regulatory authorities in British
Columbia, Alberta, and Ontario, with respect to a public offering (the
"Offering"), on a "commercially reasonable efforts" basis, of common
shares for gross proceeds of up to $30,000,000 (the "Common Shares")
through a syndicate of agents co-led by Canaccord Genuity Corp. and All
Group Financial Services Inc. and including Jennings Capital Inc.
(collectively, the "Agents"). The pricing of the Common Shares will be
determined in the context of the market.
The Offering is expected to close on or about January 27, 2011 and is
subject to certain conditions, including, but not limited to completion
of due diligence by the Agents, and receipt of all necessary approvals,
including approval of the TSX Venture Exchange.
The Company plans to use net proceeds from the Offering to fund its 2011
exploration and development plans and for general corporate purposes.
Quetzal is a development stage independent oil and gas company engaged
in exploration, development, and production activities in Guatemala and
Colombia. Quetzal is actively involved in identifying and developing
commercial opportunities for the monetization of hydrocarbon resources
in both countries.
Caution to Reader
Forward-Looking Information and Statements
This news release contains certain forward-looking information and
statements that are based on Quetzal's current expectations, estimates,
projections and assumptions in light of its experience and its
perception of historical trends. In this news release, such
forward-looking information and statements can be identified by
terminology such as "will", "to be", "expected", "anticipated" and
In particular, this news release contains forward-looking statements and
information relating to the planned use of proceeds, Quetzal's 2011
exploration and development plans and timing for the Offering. These
forward-looking statements and information are being made by Quetzal
based on certain assumptions that Quetzal has made in respect thereof
as at the date of this document, including that favourable growth
parameters continue to exist in respect of current and future growth
plans (including the ability to finance such plans on favourable terms.
These forward-looking statements are not guarantees of future
performance and are subject to a number of known and unknown risks and
uncertainties, including, but not limited to: non-performance of
agreements in accordance with their terms; the impact of competition;
commodity prices; regulatory environment and inability to obtain
required regulatory approvals; tax laws and treatment; fluctuations in
operating results; the ability of Quetzal to raise sufficient capital
to complete future projects and satisfy future commitments; labour and
material shortages; and certain other risks detailed from time to time
in Quetzal's public disclosure documents including, among other things,
those detailed under the heading "Risk Factors" in the annual
information form of Quetzal for the year ended December 31, 2009, dated
January 2, 2011 which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted or
projected. Such forward-looking statements are expressly qualified by
the above statements. Quetzal does not undertake any obligation to
publicly update or revise any forward-looking statements or information
contained herein, except as required by applicable laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities have not and will
not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold in the United States or to any U.S. person
except in certain transactions exempt from the registration
requirements of the U.S. Securities Act and applicable state securities
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Quetzal Energy Ltd.
For further information:
Quetzal Energy Ltd.
Chief Executive Officer