TORONTO, June 22, 2012 /CNW/ - Rift Energy Corp ("Rift Energy") is pleased to announce the closing of a private equity financing whereby 7,525,000 common shares were issued at CAD$1.00 per common share for gross proceeds of CAD$7,525,000 (CAD$7,041,500 net after costs) on June 13, 2012. Proceeds for this financing are to be used to initiate the company's business focus on oil and gas exploration and production opportunities in east and central Africa and for other general corporate purposes. The $1 round equity financing was led by Hampton Securities Limited.
Fred Zaziski, Rift Energy's President and CEO, stated "This initial financing will be used to further advance acquiring several projects in east and central Africa and put us on the path to our objective of becoming a leading oil and gas company in this region. We have assembled a management team with a successful track record in international oil and gas projects with the goal of creating substantial value for our shareholders".
About Rift Energy
Rift Energy is a privately owned early-stage oil and gas exploration company headquartered in Toronto, Canada that is focused on acquiring oil and gas projects in east and central Africa. Our management team has a proven track record with regards to starting up successful international oil and gas projects. Rift Energy's strategy is to identify under-explored assets with high upside that, when exploited, will yield substantial value for its shareholders. Our corporate offices are located in Toronto, Canada, with our operational activities located in the Woodlands, Texas.
The common shares of Rift Energy have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States or to, or for the account or benefit of, U.S. persons.
For further information:
President and CEO
Rift Energy Corp
47 Colborne Street, Suite 201
Toronto, ON M5E1P8 Canada
Chief Financial Officer
(832) 299-6692 ext 106
Rift Energy USA Inc.
2170 Buckthorne Place, Suite 350
The Woodlands, TX 77380 USA