/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Jan. 14, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF; FRANKFURT: 2TR) is pleased to announce it has completed its brokered public offering of 4,935,000 common shares at a price of CDN$2.15 per share for gross proceeds of CDN$10,610,250, under the Company's short-form prospectus dated January 8, 2014 (the "Prospectus").
Canaccord Genuity Corp. acted as lead agent on behalf of a syndicate of agents comprising Canaccord, Cormark Securities Inc., Primary Capital Inc. and Salman Partners Inc. The agents received a cash commission equal to 6% of the gross proceeds of the offering.
The Company plans to use the net proceeds from the offering towards drilling on its STS Olmos Project and exploration and evaluation work on its Maverick County Project, as disclosed in the Prospectus.
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil & gas extraction in onshore areas of the United States, particularly in Southern Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Dan Carriere, Chairman
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 includes certain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. All statements other than statements of historical fact included in this release, including statements regarding the Company's use of proceeds from its Prospectus offering, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, including the possible failure to realize the anticipated benefits of the use of proceeds of the offering, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such statements reflect the current views of the Company with respect to future events and operating performance, and speak as of the date of this document. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include availability of capital and financing; general economic, market or business conditions; regulatory changes; timeliness of government or regulatory reviews and approvals; risks inherent in the oil and gas exploration and production industry; and other risks detailed herein, in the Prospectus, under the heading "Risk Factors" in the Company's Annual Information Form for the year ended January 31, 2013 and from time to time in the filings made by the Company with securities regulators. The risks outlined herein should not be considered exhaustive. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
This press 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 have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
SOURCE: Terrace Energy Corp.
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