NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATE/
MEDICINE HAT, AB, Aug. 22 /CNW/ - Reece Energy Exploration Corp.
(TSX-V/RXR) ("Reece") is pleased to announce that it has closed its previously announced $12 million private placement financing ("Financing"). The Financing, which was oversubscribed, was completed by a syndicate of agents led by Wolverton Securities Ltd. and included Evergreen Capital Partners Inc. and CIBC World Markets Inc.
Pursuant to the Financing, Reece issued and sold 3,870,967 common shares
at $3.10 per share.
Proceeds from the Financing will be used to fund Reece's previously
announced joint venture as well as an expanded Viking drilling program,
ongoing capital program and for general corporate purposes.
The Shares are subject to a four month hold period. Reece anticipates
receiving the TSX Venture Exchange's final bulletin respecting the Financing
once it has submitted, to the TSX Venture Exchange, certain final
documentation with respect to the Financing.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States or to, or for the account or benefit of, U.S. persons absent
registration or an applicable exemption from registration requirements. This
release does not constitute an offer for sale of securities in the United
States.
Reece is a publicly held oil and gas company headquartered in Medicine
Hat, Alberta, Canada that trades on the TSX Venture Exchange under the symbol
"RXR".
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
