CUT BANK, MT, Oct. 6, 2014 /CNW/ - Mountainview Energy Ltd.
("Mountainview" or the "Corporation") is pleased to announce that its
board of directors has approved a private placement through an agent
(the "Agent"), pursuant to which the Agent will offer for sale up to
units of the Corporation ("Units") for aggregate gross proceeds of up
to $25 million, or such greater amount as may be determined by
Mountainview (the "Offering"). Each Unit will consist of one common
share of Mountainview at a price to be determined in the context of the
market (each, a "Common Share") and one-half of one Common Share
purchase warrant (each full such warrant, a "Warrant"), which shall
entitle the holder thereof to purchase one Common Share at a price to
be determined in the context of the market for a period of 24 months
following the closing date of the Private Placement.
The Offering is expected to close on or about November 1, 2014. The net
proceeds from the Offering will be used by the Company for further
development of the Company's drilling program on its 12 Gage project in
the Williston Basin, for general corporate and working capital purposes
and to repay indebtedness.
Pursuant to applicable Canadian securities laws, unless permitted under
securities legislation, the holders of the securities offered must not
trade the securities before the date that is 4 months and a day after
the closing date of the Offering.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements thereof. This news release does not
constitute an offer to sell or the solicitation of an offer to purchase
any securities in the United States.
READER ADVISORIES
This news release contains forward-looking statements. More
particularly, this news release contains statements concerning the
Offering, including the expected timing thereof and use of proceeds
therefrom. The forward-looking statements contained in this document
are based on certain key expectations and assumptions made by
Mountainview, including: (i) with respect to capital expenditures, the
availability of adequate and secure sources of funding; (ii) with
respect to operational plans, the availability of drilling rigs,
expectations and assumptions concerning the success of future drilling
and development activities and prevailing commodity prices; (iii) with
respect to the performance of personnel, the availability of capital
and prevailing commodity prices; (iv) with respect to anticipated
production, the ability to drill and operate wells on an economic
basis, the performance of new and existing wells and accounting risks
typically associated with oil and gas exploration and production; (v)
oil and gas prices; (vi) currency exchange rates; (vii) royalty rates;
(viii) operating costs; (ix) transportation costs; * the availability
of opportunities to deploy capital effectively; and (xi) the
satisfaction or waiver of all applicable conditions to closing of the
transactions contemplated herein, including the receipt of all
necessary approvals of regulatory authorities, if any; and (xii) with
respect to the timing of the completion of the Offering.
Although Mountainview believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because
Mountainview can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the failure to obtain necessary regulatory approvals; risks
associated with the oil and gas industry in general (e.g., operational
risks in development, exploration and production; delays or changes in
plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses;
health, safety and environmental risks; commodity price and exchange
rate fluctuations; and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development projects or
capital expenditures). Readers are cautioned that the foregoing list
is not exhaustive of all possible risks and uncertainties.
The forward-looking statements contained in this document are made as of
the date hereof and Mountainview undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise.
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.
SOURCE Mountainview Energy Ltd.
