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Solana Resources Limited ("Solana" or the "Company") - "Bought Deal" Financing
Solana Resources Limited ("Solana" or the "Company") - "Bought Deal" Financing.
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, UK, Oct. 25 /CNW/ - Solana Resources Limited (TSX-V:\nSOR; AIM: SORL) is pleased to announce that it has entered into an agreement\nto sell to a syndicate of underwriters, on a "bought deal" basis, 19,800,000\ncommon shares at a price of C$2.20 per common share for gross proceeds of\nC$43,560,000. The syndicate will be lead by Tristone Capital Inc. and will\ninclude Orion Securities Inc., Westwind Partners Inc., and Toll Cross\nSecurities Inc., collectively (the "Underwriters"). In addition, the Company\nhas granted the Underwriters an over-allotment option to acquire up to an\nadditional 2,970,000 common shares at a price of C$2.20 per common share at\nany time within 30 days of the closing date. If the over-allotment option is\nexercised in full, additional gross proceeds will be C$6,534,000 for total\ngross proceeds of C$50,094,000. The offering will be made in the provinces of\nBritish Columbia, Alberta, and Ontario by way of short form prospectus. The\noffering is scheduled to close on or about November 14, 2007.\n\n\nSolana plans to use the net proceeds of this offering to fund exploration\nand development of its Colombian oil and gas assets and for general corporate\npurposes.\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 risks, competition from other producers and ability\nto access sufficient capital from in...