/NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
Trading Symbol: SLV.tsxventure
CALGARY, June 2 /CNW/ - Stealth Ventures Ltd. (Stealth) is pleased to
announce that it has closed the brokered private placement announced May 23,
2008, through a syndicate of agents led by SMH Capital Inc. and D&D Securities
Company and including Union Securities Ltd. This private placement, originally
announced as up to $20 Million was increased to $22,272,717 and consists of
the sale of 29,696,956 Units at a subscription price of $0.75 per Unit. Each
Unit consists of one common share and one-half (1/2) of one common share
purchase warrant, with each whole warrant to entitle the holder to purchase an
additional common share at an exercise price of $0.85 until May 30, 2010,
subject to an extension in the term of the warrant until May 30, 2011 upon
Stealth receiving Tier One status on the TSX Venture Exchange or upon listing
its shares on the TSX.
SMH Capital Inc., D&D Securities Company and the sales group received a
total of 1,781,318 broker's warrants as part of their compensation, each of
which entitles the holder to purchase one unit at a subscription price of
$0.75 per Unit. Each Unit consists of one common share and one-half (1/2) of
one common share purchase warrant, with each whole warrant to entitle the
holder to purchase an additional common share at an exercise price of $0.85
until May 30, 2010.
All securities issued pursuant to this private placement, including any
securities issued in payment of commissions or finders' fees, will be subject
to a hold period in Canada until October 1, 2008.
The proceeds from this private placement will be used, primarily, to fund
and accelerate ongoing development activities on Stealth's shale gas
properties. The development program in Alberta has shown fundamentally sound
production numbers and with rising prices for natural gas it remains Stealth's
key corporate focus for solid growth in 2008 and beyond.
Stealth is a Calgary-based junior oil and gas company whose expertise and
focus is on "unconventional" gas reserves like CBM, shale gas and tight gas
STEALTH VENTURES LTD.
"W. Robert Bell"
W. ROBERT BELL
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
The information contained herein contains forward-looking statements and
assumptions, such as those relating to results of operations and financial
condition, capital spending, financing sources, commodity prices and costs of
production. By their nature, forward-looking statements are subject to
numerous risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, actual results may differ materially
from those predicted. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. Additional information relating to
the Company can be found on the SEDAR website at www.sedar.com or on the
Company's website at www.stealthventures.ca.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been 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 within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.
For further information:
For further information: W. Robert Bell, CEO; Mark J. Roth, CFO, Stealth
Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Email: