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.