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Announces $4,000,000 Flow-Through Financing
Jan 30, 2009 09:36AM
January 30, 2009
Second Wave Petroleum Announces $4,000,000 Flow-Through Financing
CALGARY, ALBERTA--(Marketwire - Jan. 30, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Second Wave Petroleum Inc. ("Second Wave" or the "Company") (TSX VENTURE:SCS) is pleased to announce that it has agreed to a non-brokered equity financing with Brookfield Bridge Lending Fund Inc. ("Brookfield") pursuant to which Brookfield will subscribe for a minimum of 5,757,575 common shares at an issue price of $0.66 per share for gross proceeds of $3,800,000. The shares will be issued on a "flow through" basis with proceeds used by the Company to incur eligible Canadian Development Expenses during 2009.
Concurrently with the Bookfield financing, Second Wave intends to complete a non-brokered financing with certain management and insiders for up to an additional 285,714 common shares at a price of $0.70 per share for additional gross proceeds of up to approximately $200,000. These shares will also be issued on a "flow through" basis but with proceeds used to incur eligible Canadian Exploration Expenses during 2009.
Closing is scheduled to occur on or about February 20, 2009 and is subject to satisfaction of certain conditions, including settlement of definitive documentation and the receipt of all necessary approvals (including the approval of the TSX Venture Exchange).
Second Wave will continue to evaluate its 2009 Exploration Budget and may seek additional exploration funding in 2009 if warranted.
Second Wave also advises that Mr. Vince Cushieri has resigned as Vice President, Exploration effective January 1, 2009. The Company thanks Mr. Cuschieri for his past service and contribution to Second Wave, and is pleased that he will continue to provide geophysical consulting services on a part-time basis. Mr. Douglas Hibbs, currently Manager of Geology of Second Wave, has assumed the role of Vice President, Exploration. Mr. Hibbs brings 28 years of experience to the role having previously served as President or Vice President at three successful growth oriented juniors.