Canadian Superior Energy Inc. Enters Agreements to Raise $35,000,000 Through a Private Placement of Common Share Units
August 26 2008 - 8:17AM
Marketwired
Canadian Superior Energy Inc. (TSX: SNG)(AMEX: SNG) ("Canadian
Superior") of Calgary, Alberta, Canada announced today that it has
entered into an agreement (the "Agreement") for a non-brokered
private placement offering (the "Offering) in the amount of
$35,000,000 USD. The offering will be by way of the issuance of
8,750,000 individual Units (the "Units") at a price of $4.00 USD
per Unit and has been fully subscribed by three of our existing
shareholders.
Units will be comprised of one Canadian Superior Energy common
share and one-half of one common share purchase warrant, each whole
warrant exercisable for a period of one year and at an applicable
strike price of $4.75 USD. Proceeds of the offering will be used to
fund Canadian Superior's exploration spending and new business
development activities.
Pursuant to the terms of the Agreement, Canadian Superior will
be filing a registration statement with the SEC. Closing of the
transaction is subject to the approval of the Toronto Stock
Exchange ("TSX") and the American Stock Exchange ("AMEX").
Canadian Superior is a Calgary, Alberta, Canada based oil and
gas exploration and production company with operations primarily
offshore Trinidad and Tobago, Offshore Nova Scotia, Canada and in
Western Canada. See Canadian Superior's website at www.cansup.com
to review Canadian Superior's operations in Western Canada,
offshore Trinidad and Tobago and Offshore Nova Scotia interests.
Canadian Superior has approximately 20,000 shareholders worldwide,
including some of the top institutional shareholders in North
America.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may or relates to future production,
resource potential and/or reserves, project start-ups and future
capital spending. Actual results, estimates, projections, resource
potential and/or reserves, interpretations, prognoses and/or
estimated results could differ materially due to changes in project
schedules, operating performance, demand for oil and gas,
commercial negotiations or other technical and economic factors or
revisions. This news release may contain the reference to the term
"undiscovered natural gas resources", which are those quantities of
natural gas estimated to be contained in accumulations yet to be
discovered. There is no certainty that any portion of undiscovered
resources will be discovered and that, if discovered, in this or
any other discovery, the discovered resource may not be
economically viable or technically feasible to produce.
Statements contained in this news release relating to future
results, events and expectations are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements involve known and unknown
risks, uncertainties, scheduling, re-scheduling and other factors
which may cause the actual results, performance, estimates,
projections, resource potential and/or reserves, interpretations,
prognoses, schedules or achievements of the Corporation, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Such factors include, among others, those described in
the Corporations' annual reports on Form 40-F or Form 20-F on file
with the U.S. Securities and Exchange Commission.
Contacts: Canadian Superior Energy Inc. Investor Relations (403)
294-1411 (403) 216-2374 (FAX) Website: www.cansup.com Canadian
Superior Energy Inc. Suite 3200, 500 - 4th Avenue S.W. Calgary,
Alberta Canada T2P 2V6
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