TSX Venture Exchange: RBE
VANCOUVER, July 24, 2014 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSXV symbol: RBE) is pleased to provide this update on its recent activities.
RockBridge has a signed Offer to Purchase for certain producing gas properties located in northeastern British Columbia, subject to customary conditions including due diligence, signing a formal purchase agreement and regulatory approval. The Company is well into the due diligence process and the purchase is expected to close in August 2014. On completion of the purchase, it is anticipated that the Company's net production will be approximately 100 boepd.
RockBridge is continuing with its private placement offering of 6,000,000 Units at $0.05 each, on a non-brokered basis, subject to regulatory approval. Each Unit consists of one regular common share and one share purchase warrant exercisable at $0.08 per share for one year. Finder's fees of 10% will be paid on the financing to qualified finders, and 10% brokers' warrants to brokers, with each warrant exercisable for one year at $0.08 per share.
The Company will be utilizing the offering memorandum exemption so that the offering will be generally open to any investors in British Columbia or Alberta. The offering is also being made in Ontario to accredited investors. The net proceeds from the financing will be used to fund the Company's strategy of growth through acquisitions, and for general corporate purposes.
The Company remains focussed on its strategy of growth through acquisitions and is actively seeking to increase its production primarily through acquisitions of producing assets in Western Canada. The Company is also evaluating several projects to increase production at its existing properties.
ON BEHALF OF THE BOARD
ROCKBRIDGE RESOURCES INC.
Steve Mathiesen, President & CEO
This news release may include statements about expected further events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. RockBridge cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what RockBridge currently foresees. Discussion on the various factors that may affect future results is contained in RockBridge' s recent filings, available on SEDAR.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this news release.
Reference to BOE means barrels of oil equivalent and is derived by converting gas to oil at the ratio of six thousand cubic feet (mcf) of gas to one barrel (bbl) of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner top and does not represent a value equivalency at the wellhead. References to BOEPD means barrels of oil equivalent per day.
SOURCE: RockBridge Resources Inc.
For further information: on RockBridge, please email [email protected] or call 604-687-4719.