THE NEWS is..........?Big on this one below is the most recent on Action.....
Action Energy arranges $12.5-million financing
2007-12-04 10:55 ET - News Release
Mr. R.D. Bowman reports
ACTION ANNOUNCES PROPOSED FINANCING AND FILING OF PRELIMINARY SHORT FORM PROSPECTUS
Action Energy Inc. has filed a preliminary short form prospectus in respect of an equity financing, on a commercially reasonable efforts basis, of up to $12.5-million of common shares of Action, through a syndicate of agents led by Dundee Securities Corp., and including CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Acumen Capital Finance Partners Ltd., Haywood Securities Inc., Jennings Capital Inc. and Wellington West Capital Markets Inc. In addition, Strategic Energy Research & Capital LLC, an affiliate of FCG Advisors LLC, will be acting as placement agent in the United States, in respect of common shares of Action to be issued under the offering to U.S. buyers, pursuant to applicable exemptions from the U.S. registration requirements. The issue price of Action's common shares to be sold in connection with the offering will be determined in the context of the market. The agents have the option, exercisable 48 hours prior to closing, to increase the offering by up to an additional $5-million of common shares at the issue price.
The net proceeds of the offering will initially be used by Action to reduce indebtedness under its credit facilities, which will be drawn, as needed, to finance Action's continuing exploration and development activities, and for general working capital purposes.
All securities issued in connection with the offering will be freely tradable under applicable securities laws in force in Canada. The offering is scheduled to close on or about Dec. 21, 2007, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and completion of due diligence by the agents.
We seek Safe Harbor.