/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, July 23, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF; FRANKFURT: 2TR) is pleased to announce it has completed its bought deal public offering of 10,820,000 common shares at a price of CDN$1.85 per share for gross proceeds of CDN$20,017,000 under the Company's short-form prospectus dated July 17, 2014 (the "Prospectus").
Canaccord Genuity Corp. acted as lead underwriter on behalf of a syndicate of underwriters comprising Canaccord, Cormark Securities Inc., GMP Securities LP, and Salman Partners Inc. The underwriters received a cash commission equal to 6.5% of the gross proceeds of the offering.
The Company plans to use the net proceeds from the offering towards exploration and evaluation work on its Maverick County, Big Wells and Northwest AWP projects, as disclosed in the Prospectus.
The underwriters have an over-allotment option to purchase, for a period of 30 days following the closing of the offering today, up to an additional 1,623,000 common shares of the Company at a price of CDN$1.85 to cover over-allotments. Further details are contained 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"
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.
Forward-Looking Information
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 news 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 are based on a number of assumptions, including that the Company will be able to access equipment and personnel for its planned exploration and evaluation work on its projects, and other assumptions set out in the Prospectus and in the Company's Annual Information Form for the year ended January 31, 2014 (the "AIF"). 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 AIF 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 news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 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 1933 Act and applicable state securities laws, or an exemption from such registration is available.
SOURCE: Terrace Energy Corp.
For further information: please contact: [email protected]; Canadian Address Suite 1012 - 1030 West Georgia St. Vancouver B.C. V6E 2Y3 Ph: 604.282.7897 Fx: 604.629-0418; US Address Suite 400-202 Travis Street, Houston Texas 77002 Ph: 713.227.0010 Fx: 713.227.0492
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