Enseco Energy Services Corp. Announces Private Placement Equity Financing
April 02 2008 - 9:13AM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.
Enseco Energy Services Corp. (TSX VENTURE:ENS) ("Enseco" or the "Corporation")
is pleased to announce that it has entered into a financing agreement with
FirstEnergy Capital Corp. (the "Agent") to issue common shares on a best
efforts, private placement basis (the "Financing") to be priced in the range of
$0.45 to $0.55 per common share for aggregate gross proceeds of approximately
$5,000,000. The Corporation intends to use the net proceeds to fund the
Corporation's capital expenditure program, repay bank indebtedness and for
general corporate purposes.
The Financing is scheduled to close on or about April 24, 2008 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange. All sales will be
made on a private placement basis pursuant to exemptions from the prospectus
requirements of applicable securities laws. The shares will be subject to a
four-month hold period.
Enseco is an emerging supplier of energy related services operating throughout
the Western Canadian Sedimentary Basin with operational centres in Red Deer,
Whitecourt, Edmonton, Beaverlodge, Grande Prairie, and Fort St. John; North
Dakota with an operation center in Minot; as well as corporate and sales offices
located in Calgary. Enseco is led by an experienced management team currently
offering well swabbing, production testing, cased hole logging, perforating and
propellant stimulation services and directional drilling services with a focus
on continued value creation through accretive acquisitions and organic growth.
This news release shall not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction. The common shares offered will
not be and have not been registered under the United States Securities Act of
1933 and may not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirement.