IROC Energy Services Corp. Closes $22,308,762 Bought Deal Financing by Way of Treasury and Secondary Offering

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[{"type":"text","content":"\n\n\n Apr. 11, 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, April 11 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX Venture Exchange: ISC) is pleased to announce that it has closed its recently announced bought deal financing comprised of 7,200,361 common shares of the Corporation ("Common Shares"), which includes the exercise, in full, of the over-allotment option for 519,830 Common Shares, at $1.40 per Common Share, for aggregate gross proceeds of approximately $10,080,505 to the Corporation.\nIn addition to the closing of the treasury offering of 7,200,361 Common Shares, Key Energy Services, Inc. (the "Selling Shareholder") has also completed the sale of 8,734,469 Common Shares at a purchase price of $1.40 per Common Share, for aggregate gross proceeds to the Selling Shareholder of approximately $12,228,257. IROC did not and will not receive any proceeds from the Common Shares sold pursuant to the secondary offering. The Selling Shareholder now holds no Common Shares.\nAcumen Capital Finance Partners Limited and AltaCorp Capital Inc. acted as co-lead underwriters for this financing.\nThe Corporation expects to initially use the net proceeds of the treasury offering to repay outstanding indebtedness under its credit facilities thereby freeing up borrowing capacity to fund capital expenditures, addition...

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