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Orca Exploration announces closing of $34.5 million private placement financing
Orca Exploration announces closing of $34.5 million private placement financing.
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE\n\n\nUNITED STATES/\n\n\nTORTOLA, British Virgin Islands, July 5 /CNW/ - Orca Exploration Group\nInc. ("Orca" or the "Company") is pleased to announce that it has closed its\npreviously announced "bought deal" class B common share ("Common Share")\nfinancing of 2,173,900 Common Shares of the Company at a price of $13.80 per\nCommon Share resulting in gross proceeds of $29,999,820 (the "Offering"). The\nOffering was led by Haywood Securities Inc. and included Research Capital\nCorp. (collectively the "Underwriters").\n\n\nIn addition, the Underwriters fully exercised their over-allotment option\nto purchase additional Common Shares from the Company and, accordingly, an\nadditional 326,100 Common Shares, at a price of $13.80 per Common Share were\nissued for additional gross proceeds of $4,500,180, increasing the gross\nproceeds of the Offering to $34,500,000.\n\n\nThe Common Shares issued pursuant to the private placement are subject to\na four month hold period from the date of closing of the Offering under\napplicable securities laws expiring November 6, 2007.\n\n\nOrca will use the proceeds of the Offering to enable it to secure new oil\nexploration assets and for working capital purposes. The Company intends to\nacquire two new oil opportunities before the year end.\n\n\nThe Common Shares offered have not been and will not be registered under\nthe United States Securities Act of 1933, as amended and may not be offered or\nsold in the United States absent registration or an applicable exemption from\nthe registration requirement. This press release shall not constitute an offer\nto sell or the solicitation of an offer to buy nor shall there be any sale of\nthe securities in any jurisdiction in which such offer, solicitation or sale\nwould be unlawful.\n\n\nThis news release does not constitute an offer to sell securities, nor is\nit a solicitation of an offer to buy securities, in any jurisdiction. All\nsales will be made through registered securities dealers in jurisdictions\nwhere the offering has been qualified for distribution. The securities offered\nare not, and will not be, registered under the securities laws of the United\nStates of America, nor any state thereof and may not be so...