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Message: CLOSING OF PRIVATE PLACEMENT, $9,431,235 - 2008-12-24

CLOSING OF PRIVATE PLACEMENT, $9,431,235 - 2008-12-24

posted on Jan 25, 2009 12:59PM

Petrobank Energy closes $9.43-million equity financing

2008-12-24 09:37 ET - News Release

Mr. John Wright reports

PETROBANK ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF FLOW-THROUGH COMMON SHARES

Petrobank Energy & Resources Ltd. has closed the previously announced private placement of flow-through common shares. Pursuant to the private placement a total of 285,795 flow-through shares were sold at a price of $33.00 per share, resulting in gross proceeds of $9,431,235. The underwriting syndicate was led by GMP Securities LP, and included CIBC World Markets Inc., FirstEnergy Capital Corp., Haywood Securities Inc., Scotia Capital Inc., TD Securities Inc. and Fraser Mackenzie Ltd. The flow-through shares issued pursuant to this private placement are subject to a four-month hold. The proceeds from the financing will be used to finance exploration expenditures.

Petrobank has also increased the borrowing base under the secured credit facilities to $380-million which, combined with the strong base of cash flow and the proceeds from this financing, provide strong financial flexibility as the company executes another exciting capital program through 2009.

We seek Safe Harbor

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