Enseco Energy Services Corp. Announces Closing of Previously Announced Equity Financing
April 24 2008 - 11:19AM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.
Enseco Energy Services Corp. ("Enseco" or the "Corporation") (TSX VENTURE:ENS)
is pleased to announce the closing of the previously announced private placement
of 11,120,000 common shares ("Common Shares") at a price of $0.45 per Common
Share, which raised aggregate gross proceeds of $5,004,000 (the "Financing").
The Financing was completed by FirstEnergy Capital Corp. The Corporation intends
to use the net proceeds to fund its capital expenditure program, repay bank
indebtedness and for general corporate purposes.
All sales were made on a private placement basis pursuant to exemptions from the
prospectus requirements of applicable securities laws. The Common 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.