UTS Energy Corporation announces $275 million financing


    TSX Trading Symbol: UTS

    CALGARY, Oct. 30 /CNW/ - UTS Energy Corporation ("UTS" or the "Company")
is pleased to announce that it has entered into an agreement with a syndicate
of underwriters, with RBC Capital Markets as sole bookrunner and FirstEnergy
Capital Corp., TD Securities Inc., and UBS Securities (Canada) Inc., as
co-lead managers for the purchase by the underwriters on a bought deal basis,
subject to regulatory approval, of 41.8 million common shares at a price of
$6.10 per share and 2.65 million common shares issued on a flow-through basis
at a price of $7.60 per share, for total gross proceeds of approximately $275
million. UTS has granted the underwriters an Over-allotment Option,
exercisable in whole or in part up to 30 days following closing, to purchase
up to an additional 6.67 million common shares at the same offering price. If
the Over-allotment Option is fully exercised, the total gross proceeds of the
equity financing will be approximately $316 million.
    The offering is scheduled to close on November 19, 2007, and is subject
to regulatory approval and completion of definitive documentation. The Company
intends to use the net offering proceeds for operational, development and
exploration expenses related to its oil sands assets and for general corporate
    UTS Energy Corporation is based in Calgary, Alberta. The Company's common
shares (UTS) are traded on the Toronto Stock Exchange.

    FORWARD-LOOKING STATEMENTS: Except for statements of historical fact
relating to the Company, this news release may contain certain
"forward-looking statements" within the meaning of applicable securities law.
Forward-looking statements are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and
other similar words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements in this news release are based on the
opinions and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated in the forward-looking statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required by law.
The reader is cautioned not to place undue reliance on forward looking

For further information:

For further information: Dr. William J. F. Roach, President and Chief
Executive Officer, or Wayne I. Bobye, Vice President and Chief Financial
Officer at (403) 538-7030

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