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Solana Resources Limited ("Solana" or the "Company") - Update on Financing and Restatement of Prior Financial Reports
/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, AB and LONDON, UK, Nov. 19 /CNW/ - Solana Resources Limited\n(TSX-V: SOR; AIM: SORL), the Colombia focussed independent oil and gas\nexploration and production company, today announces that, in connection with\nits "bought deal" financing previously announced on October 25, 2007, it has\nfiled a final short form prospectus to issue 24,330,000 common shares at a\nprice of C$2.20 per common share for gross proceeds of C$53,526,000. The\nfinancing is being led by Tristone Capital Inc. and includes Orion Securities\nInc., Westwind Partners Inc., and Toll Cross Securities Inc., collectively\n(the "Underwriters"). In addition, the Company has granted the Underwriters an\nover-allotment option to acquire up to an additional 2,970,000 common shares\nat a price of C$2.20 per common share at any time within 30 days of the\nclosing date. If the over-allotment option is exercised in full, additional\ngross proceeds will be C$6,534,000 for total gross proceeds of C$60,060,000.\nThe offering is scheduled to close on or about November 26, 2007.\n\n\nApplication will be 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.\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\nThe Company also announces that it has restated its financial results for\neach of the year ended December 31, 2006, the three month period ended\nMarch 31, 2007 and the six month period ended June 30, 2007.\n\n\nThe Company originally recorded as intangible assets the value of shares\nissued to the former principals of Breakaway Energy Inc. ("Breakaway") in\nexchange for all the outstanding...