TSX V Trading Symbol: SWE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
CALGARY, Oct. 18, 2012 /CNW/ - SilverWillow Energy Corporation ("SilverWillow") (TSXV: SWE) is pleased to announce that it has completed its previously announced private placement offering (the "Offering") of common shares ("Flow-Through Shares") of the Corporation issued on a "flow-through" basis pursuant to the Income Tax Act (Canada). The Flow-Through Shares are subject to a four-month hold period which will expire on February 19, 2013. At closing today, 3,200,000 Flow-Through Shares were issued, through a syndicate of underwriters, at a price of $1.25 per Flow-Through Share for aggregate gross proceeds to SilverWillow of $4,000,000. The syndicate of underwriters was led by National Bank Financial Inc. and included Peters & Co. Limited and RBC Dominion Securities Inc. (collectively, the "Underwriters"). SilverWillow will use the proceeds to fund exploration expenses related to the planned Birch Mountains seismic program and Audet drilling program.
About SilverWillow Energy
SilverWillow Energy Corporation is a Calgary, Alberta based pre-production oil sands company with a portfolio of exploration leases in Canada's Athabasca oil sands. To learn more, please visit www.swenergy.ca.
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. The use of any of the words "will", "intends" and other similar words or expressions is intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning the proposed use of proceeds of the Offering.
The forward-looking information in this news release is based on certain key expectations and assumptions made by SilverWillow. Although SilverWillow believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SilverWillow can give no assurance that it will prove to be correct. The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. As an oil sands enterprise in the development stage, SilverWillow faces risks including those associated with exploration, development, start-up, approvals and the ability to access sufficient capital from external sources.
As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations of SilverWillow are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com.
The forward-looking information contained in this news release is made as of the date hereof and SilverWillow undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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: SilverWillow Energy Corporation
For further information:
For further information, please contact Howard J. Lutley, President and Chief Executive Officer, at (403) 538-7030.