WaveFire announces $2.5 million financing


    Shares Outstanding: 19,596,020

CALGARY, May 18 /CNW/ - Wavefire.com Ltd. (the "Company") (TSXV-WAF.H) is pleased to announce that it proposes to undertake a non-brokered private placement to raise $2.5 million. The Company withdrew the private placement of 40,000,000 units at $0.06 per unit, which was announced on December 18, 2009. Instead, the Company now proposes to issue 14,705,882 common shares at $0.17 per share to a director of the Company.

The proceeds of the financing will be used to fund the testing and completion of the Kirkwall 5-20-27-5 W4 well, which was drilled in December 2009, the drilling, testing and completion of two additional wells in the Acadia Area of Alberta, and for working capital. The Company has the right under a farm-in agreement to earn 100% interest (subject to existing encumbrances) in the drilling spacing unit and a 65% interest in the balance of the three sections of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs.

The proceeds of the financing will also be used to support the Company's application for reactivation on the TSX Venture Exchange. The closing of the financing is subject to a number of conditions including shareholder and regulatory approval.

Neither 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 press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the closing of the financing, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.


For further information: For further information: Wavefire.com Inc., Vic Redekop, Chairman, Tel: (403) 541-5310

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890