IROC Energy Services Corp. Announces $17,080,000 million Bought Deal Financing by Way of Treasury and Secondary Offering

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[{"type":"text","content":"\n\n\n Mar. 21, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nCALGARY, March 21 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX Venture: ISC) is pleased to announce that it has entered into an agreement with Acumen Capital Finance Partners Limited and AltaCorp Capital Inc. (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis 3,465,531 Common Shares from the Corporation at a purchase price of $1.40 per Common Share, for aggregate gross proceeds of approximately $4,851,743 to the Corporation. The underwriters will also have an option, exercisable for a period of 30 days following the closing date, to purchase from treasury up to an additional 519,830 Common Shares on the same terms and conditions for purposes of covering the Underwriters' over-allotment position.\nIn addition to the treasury offering of 3,465,531 Common Shares, the Underwriters have agreed to purchase, on a bought deal basis, from Key Energy Services, Inc. (the "Selling Shareholder"), 8,734,469 Common Shares in the capital of the Corporation at a purchase price of $1.40 per Common Share, for aggregate gross proceeds to the Selling Shareholder of approximately $12.2 million. IROC will not receive any proceeds from the Common Shares sold pursuant to the secondary offering. The Selling Shareholder curren...

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