/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
CALGARY, Nov. 25, 2013 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Corporation") (TSXV: YGR) announces it has agreed with the underwriters to re-allocate the previously announced financing.
Due to increased demand for Canadian development expenses the allocation of CDE flow through Shares has been increased by $1,000,000 and the allocation of common shares has been reduced by the same amount.
Yangarra will now issue 12,048,148 common shares ("Common Shares") at a price of $0.54 per Common Share for gross proceeds of $6,506,000 and 3,394,915 common shares will be issued on a flow-through basis in respect of Canadian development expenses ("CDE") (the "CDE FT Shares") at a price of $0.59 per CDE FT Share for gross proceeds of $2,003,000.
The allocation of 7,755,000 common shares to be issued on a flow-through basis in respect of Canadian exploration expenses ("CEE") (the "CEE FT Shares") at a price of $0.645 per CEE FT Share for gross proceeds of $5,001,975 remains unchanged.
The Underwriters will also continue to have the option, exercisable in whole or in part, to acquire up to an additional 1,807,222 Common Shares at a price of $0.54 per Common Share at any time from closing of the Offering and ending 30 days following the Closing Date for additional gross proceeds of up to $975,900 (the "Over Allotment Option").
This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the common shares in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The common shares being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.
Certain information regarding Yangarra set forth in this news release, including management's assessment of future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
All reference to $ (funds) are in Canadian dollars.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
SOURCE: Yangarra Resources Ltd.
For further information:
James Evaskevich, President and CEO at (403) 262-9558