Second Wave Petroleum Inc. Announces Closing of Equity Financings Totalling
$20 Million
NOT FOR DISTRIBUTION TO
TSX Venture Exchange: SCS 70,730,960 Common Shares
Of the total number of common shares sold today, 5,000,000 were sold under the Offering through a syndicate of underwriters led by
Brookfield currently holds approximately 52% of the outstanding Second Wave common shares. The shares acquired by Brookfield today are subject to a four-month "hold period" expiring
Second Wave intends to use the net proceeds from the Offering and the Private Placement to accelerate the Company's ongoing exploration and development programs on its
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.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the
Statements made herein concerning the anticipated use of the proceeds of the Offering and the Private Placement constitute forward-looking information. Although Second Wave currently expects that the proceeds will be used for the purposes stated, the directors and management of the Company may later determine to expend the funds on different projects or for other purposes.
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For further information: Colin B. Witwer, President and CEO, Randy Denecky, VP, Finance and CFO, Second Wave Petroleum Inc., Telephone: (403) 451-0165, Email: [email protected], Web: www.secondwavepetroleum.com
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