CALGARY, July 8, 2014 /CNW/ - Twin Butte Energy Ltd. (TSX: TBE) ("Twin Butte") is pleased to announce that it has completed its previously announced common share private placement. At closing, Twin Butte issued 1,817,220 common shares at a price of $1.80 per common share (representing the VWAP of the common shares on the TSX for the five trading days prior to the announcement of the private placement) to officers, directors and employees of Twin Butte for total gross proceeds of approximately $3.3 million (the "Offering"). This private placement allowed two recently appointed officers of Twin Butte to acquire their initial shares of Twin Butte pursuant to the Offering, while also including a couple of directors and officers of Twin Butte, who added to their share positions pursuant to the Offering.
Twin Butte will use the proceeds of the Offering for general corporate purposes.
About Twin Butte
Twin Butte Energy Ltd. is a dividend paying value oriented intermediate producer with a significant low risk, high rate of return drilling inventory focused on large original oil in place play types. Twin Butte is well positioned to provide shareholders with a sustainable dividend with moderate growth potential over both the short and long term. Twin Butte is committed to continually enhance its asset quality while focusing on the sustainability of its dividend. The common shares of Twin Butte are listed on the TSX under the symbol "TBE".
Forward-Looking Statement Advisory
Certain information in this news release contains forward-looking statements including the use of proceeds of the Offering. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Twin Butte's control including, without limitation, the risk that Twin Butte will expend the proceeds of the Offering in a manner different than that indicated. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Twin Butte's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com and at Twin Butte's website www.twinbutteenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Twin Butte does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SOURCE: Twin Butte Energy Ltd.
For further information:
Twin Butte Energy Ltd.
Chief Executive Officer
R. Alan Steele
Vice President, Finance, Chief Financial
Officer and Corporate Secretary
Tel: (403) 215-2045