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Pine Cliff Energy Ltd. Announces Term of Rights Offering
Pine Cliff Energy Ltd. Announces Term of Rights Offering.
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n\n\nUNITED STATES/\n\n\nCALGARY, Sept. 24 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or "the\nCompany") (www.pinecliffenergy.com) (TSX Venture: PNE) is pleased to announce\nthat further to its press release dated August 17, 2007 regarding a proposed\nrights offering, it has filed a rights offering circular dated September 13,\n2007 (the "Rights Offering Circular") with the applicable securities\nregulators in Canada. The Rights Offering is being made to shareholders\nresident in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.\n(the "Eligible Shareholders").\n\n\nUnder the Rights Offering, each Eligible Shareholder of record on\nOctober 3, 2007 (the "Record Date") will receive one transferable right\n("Right") for every common share of the Company held. Four (4) Rights will\nentitle the holder to purchase one common share of the Company at the\nsubscription price of $1.10, until the expiration of the Rights Offering which\nis 4:00 p.m. Calgary time on October 25, 2007 (the "Expiry Date"). In\naddition, shareholders will be able to subscribe for additional common shares,\nnot taken up under the initial subscription, on the Expiry Date (the\n"Additional Subscription Privilege").\n\n\nThe rights offering allows Pine Cliff to raise additional capital without\ndiluting the ownership interest of current shareholders. There are currently\n36,913,041 common shares of Pine Cliff outstanding.\n\n\nIt is anticipated that the Rights will be posted for trading, and the\nCompany's common shares will commence trading on the TSX Venture Exchange\n("TSXV") on an ex-rights basis, at market open on October 1, 2007. The Rights\nwill trade under the symbol "PNE.RT". Once all of the Rights are exercised,\nthe Company will receive maximum gross proceeds of approximately $10,151,087\nwhich will be used to fund Pine Cliff's exploration, development, acquisitions\nand farm-in commitments in South America and Canada and for general corporate\npurposes.\n\n\nA Rights Offering Circular and Rights Certificate will be mailed to all\nEligible Shareholders on or about October 4, 2007. Olympia Trust Company, as\nsubscription agent under the Rights Offering, has agreed...