Bolivar Energy Corp. Announces Closing of Previously Announced Private Placement Financing
February 15 2011 - 8:48AM
PR Newswire (Canada)
CALGARY, Feb. 15 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 15 /CNW/ - Bolivar Energy Corp. ("Bolivar" or the
"Company")(TSXV: BVR) is pleased to announce that it has closed its
previously announced bought deal private placement offering (the
"Financing") of units ("Units") of the Company. Each Unit consists
of one common share in the capital of the Company (the "Common
Shares") and one-half of one Common Share purchase warrant of the
Company (each whole warrant, a "Warrant"). Each Warrant is
exercisable for one Common Share at a price of $0.25 per share for
a period of 24 months from the date hereof. The syndicate of
underwriters was co-led by Raymond James Ltd. and Haywood
Securities Inc. and included Paradigm Capital Inc. (collectively,
the "Underwriters"). A total of 124,809,500 Units were issued at a
price of $0.17 per Unit for aggregate gross proceeds to the
Corporation of $21,217,615, which includes the exercise by the
Underwriters of an over-allotment option to purchase an additional
16,279,000 Units. Pursuant to the terms of an underwriting
agreement dated effective January 24, 2011 between the Company and
the Underwriters, the Underwriters received a cash commission equal
to 6% of the gross proceeds raised pursuant to the Financing. The
Common Shares and Warrants underlying the Units are subject to a
statutory four month holding period which expires on June 16, 2011.
The net proceeds from the Offering will be used to fund the
exploration and development of the Company's petroleum assets in
Colombia and for general business development, acquisitions, and
working capital purposes. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "1933 Act"), or any state securities laws and
may not be offered or sold within the United States or to, or for
the account or benefit of U.S. persons (as defined in Regulation S
under the 1933 Act) absent such registration or an applicable
exemption from such registration requirements. About Bolivar Energy
Corp. Bolivar Energy Corp. is an early stage exploration company
active in the Llanos Basin in Colombia, and trading on the TSX
Venture Exchange under the symbol "BVR". Forward-Looking Statement
This news release includes forward-looking statements. More
particularly, this news release contains statements concerning the
use of proceeds of the Financing. The forward-looking statements
contained in this document, including assumptions, opinions and
views of the Company or cited from third party sources are solely
opinions and forecasts which are uncertain and subject to risks. A
multitude of factors can cause actual events to differ
significantly from any anticipated developments and although the
Company believes that the expectations represented by such a
forward-looking statements are reasonable, undue reliance should
not be placed on the forward-looking statements because there can
be no assurance that such expectations will be realized. Neither
the Company nor any of its subsidiaries nor any of its officers or
employees guarantees that the assumptions underlying such
forward-looking statements are free from errors nor does any of the
foregoing accept any responsibility for the future accuracy of the
opinions expressed in this document or the actual occurrence of the
forecasted developments. The forward-looking statements contained
in this document are made as of the date hereof and the Company
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, unless so required by
applicable securities laws. 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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/15/c2802.html
table valign="top" border="0"tr valign="top"td align="left"Bolivar
Energy Corp.br/ John Morelandbr/ President and Chief Executive
Officerbr/ Telephone: (403) 802 0770 a
href="mailto:john.moreland@bolivarenergycorp.com"john.moreland@bolivarenergycorp.com/a/td
td align="left"Bolivar Energy Corp.br/ Peter Argirisbr/ Chief
Financial Officerbr/ Telephone: (403) 802 0770 a
href="mailto:peter.argiris@bolivarenergycorp.com"peter.argiris@bolivarenergycorp.com/a/td/tr/table
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