Business
Orca Exploration Announces Record Date of Rights Offering
Orca Exploration Announces Record Date of Rights Offering
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\n Aug. 20, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES NEWS WIRE SERVICES./\n\nTSX-V: ORC.A, ORC.B\n\nTORTOLA, British Virgin Islands, Aug. 20 /CNW/ - Orca Exploration Group Inc ("Orca" or the "Company") announces that it is proceeding with its previously announced rights offering to shareholders of Orca (the "Rights Offering"). Pursuant to the Rights Offering:\n\n\n >\n\n\nDetails of the Rights Offering are described in the Rights Offering Circular to be mailed to shareholders in connection with the Rights Offering (the "Rights Offering Circular").\nBased on the number of issued and outstanding Class B Shares and Class A Shares as of the date hereof, pursuant to the Rights Offering, approximately 4,955,687 Class B Shares may be issued which represents approximately 17% of the currently issued and outstanding Class B Shares.\nThe record date for the Rights Offering has been set at the close of business on September 2, 2010. The Rights will expire at 4:00 p.m. (Toronto time) on October 5, 2010. Orca has received conditional approval for listing of the Rights and the Class B Shares to be issued upon exercise of the Rights on the TSX Venture Exchange (the "TSXV"). Completion of the Rights Offering is subject to receiving all necessary regulatory and TSXV approvals. For full details of the Rights Offering please see the Rights Offering Circular which is available on SEDAR at www.sedar.com.\nIf all of the Rights are exercised, Orca will receive gross proceeds of $19,327,179 and net proceeds of approximately $18,727,179 after deducting expenses of the Rights Offering. The completion of the Rights Offering is not conditional upon Orca receiving any minimum amount of subscriptions from shareholders.\nThe funds will be primarily used to drill the Songo Songo West exploration prospect in Tanzania in the la...