| CALGARY, ALBERTA--(Marketwire - April 14, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Longford Energy Inc. ("Longford" or the "Company") (TSX VENTURE:LFD) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $2,500,000 based on the issuance of 8,333,333 units of the Company at a price of
.30 per unit ("Unit")(the "Offering"). Each Unit is comprised of one common share and one-half of one share purchase warrant, with each share purchase warrant entitling the holder thereof to acquire one Longford common share at a price of
.65 until October 14, 2011.
The Company intends to use the net proceeds from the financing to further the exploration and development of the Chia Surkh block in the Kurdistan Region of Iraq and for general corporate purposes.
If the closing price of the common shares of the Company on the TSX Venture Exchange is greater than $1.00 for 20 or more consecutive trading days, the Company may give notice to the holders of the share purchase warrants that the expiry date for exercise of the share purchase warrants has been accelerated and the share purchase warrants will expire on the 20th calendar day following the date such notice is mailed.
The common shares, share purchase warrants and the common shares issuable upon the exercise of the share purchase warrants are subject to a hold period until August 15, 2010 pursuant to applicable securities legislation. The Offering remains subject to certain conditions including, but not limited to, final approval of the TSX Venture Exchange.
About Longford Energy Inc.
Longford Energy Inc., is a junior Canadian oil and gas exploration and production company. Longford has acquired a significant interest in the Chia Surkh Block Production Sharing Contract in the Kurdistan Region - Iraq. The Block offers a field development opportunity and multiple exploration prospects.
Regulatory Statements
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the terms of the financing, the planned use of proceeds, and receipt of all regulatory approvals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE |