Business
Solana announces closing of "bought deal" financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ C...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION\n\n\nIN THE UNITED STATES/\n\n\nCALGARY and LONDON, Nov. 26 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL), the Colombia focussed independent oil and gas exploration and\nproduction company, announces today, that it has closed its previously\nannounced "bought deal" financing to a syndicate of underwriters led by\nTristone Capital Inc. and including Orion Securities Inc., Westwind Partners\nInc., and Toll Cross Securities Inc. (collectively, the "Underwriters"). The\nCompany issued and sold 24,330,000 common shares at a price of C$2.20 per\nshare for gross proceeds of C$53,526,000. Solana is also pleased to announce\nthat an over-allotment option granted to the Underwriters to purchase an\nadditional 2,970,000 common shares at C$2.20 per share has been fully\nexercised. Total gross proceeds from the financing, including the\nover-allotment option, are C$60,060,000.\n\n\nApplication has been made to the London Stock Exchange for the common\nshares to be admitted to trading on AIM and admission is expected to take\nplace on November 27, 2007. After giving effect to the financing, Solana has\n123,176,792 common shares issued and outstanding.\n\n\nSolana intends to use the net proceeds of this financing to fund\nexploration and development of its Colombian oil and gas assets and for\ngeneral corporate purposes.\n\n\nThis news release shall not constitute an offer to sell or the\nsolicitation of any offer to buy the securities in any jurisdiction. The\ncommon shares may be offered or sold in other eligible foreign jurisdictions\nand to U.S. buyers on a private placement basis pursuant to an applicable\nexemption from registration requirements in Rule 144-A or Regulation D of the\nUnited States Securities Act of 1933, as amended.\n\n\nForward Looking Statements\n\n\nCertain information regarding the Company, including management's\nassessment of future plans and operations, may constitute forward-looking\nstatements under applicable securities law and necessarily involve risks\nassociated with oil and gas exploration, production, marketing and\ntransportation such as loss of market, volatility of prices, currency\nfluctuations, imprecision of reserve estimates, mechanical problems, equipment\nlimitations, environmental risk...