News! Stan the Man getting in PP
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Exile arranges placement, to replace two directors
2010-10-25 10:20 ET - News Release
Shares issued 63,754,191
ERI Close 2010-10-22 C$ 0.145
Mr. Graham Warren reports
EXILE RESOURCES INC. ANNOUNCES PRIVATE PLACEMENT FINANCING
Exile Resources Inc. proposes to complete a non-brokered offering of up to 20.1 million units at 12 cents per unit, with each unit consisting of one common share of Exile and one full share purchase warrant. Each Warrant will entitle the holder to acquire one additional common share of Exile for a period of 18 months at an exercise price of
.25 per share, provided that if at any time after the date which is four months and one day following the issuance of the Warrants, the closing price of the common shares of Exile for any 30 consecutive trading days exceeds
.50, Exile may accelerate the expiry date to 30 days following the date on which Exile provides notice of the accelerated expiry date to Warrant holders.
In connection with the Private Placement, it is anticipated that Roderick de Courcy-Ireland and John Orange will resign from the board of directors of Exile and will be replaced by Messrs. Ahmed Said and Mr. Stan Bharti. Mr. Bharti is the President of Forbes & Manhattan, Inc. and the Chairman of Forbes Energy Group. Mr. Bharti is expected to become non-executive Chairman of the Company. He has over 25 years of business, management and financial experience. Over the last 10 years, Mr. Bharti has been involved in the creation, acquisition, restructuring and financing of a large number of resource companies globally. Transactions have included acquisitions in Europe, Australia, Africa and North America.
Mr. Said, P. Eng., is the CEO of Forbes Energy Group and his background includes operational and senior management roles in the oil and gas industry, both domestically and internationally. Headquartered in Calgary, Canada, Forbes Energy Group manages 5 public companies and has significant investments in Kurdistan, Colombia and Brazil. Over the past 2 years, Forbes Energy Group has raised and invested approximately $200 Million collectively in a number of private and public company. Mr. Said is also the director of several public and private companies.
The Private Placement and the appointment of new directors each remains subject to the approval of the TSX Venture Exchange.
We seek Safe Harbor.