Toscana Energy Income Corporation Announces Increase to Private
Placement of Common Shares
/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
CALGARY,
Nov. 21, 2012 /CNW/ - Toscana
Energy Income Corporation (the "Company") (TSX Venture: TEI) is
pleased to announce that, due to excess demand, it has increased
its previously announced private placement offering of common
shares to affiliates of Sprott Inc. detailed in its press release
on November 6, 2012. The
Company will now issue an aggregate of 400,000 Common Shares at a
price of $15.00 per share (the
"Private Placement Offering") for aggregate gross proceeds from the
Private Placement of approximately $6.0
million. The Company plans to use the additional
proceeds for general corporate purposes and to reduce the amounts
owing under the Company's credit facility.
The Private Placement is now scheduled to close on
or about November 26, 2012 (the
"Closing Date") 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 Inc. Other than the
increase in the size of the Offering and the Closing Date, the
terms of the Private Placement are unchanged from the terms that
were previously disclosed.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional
oil and gas producer with the mandate to acquire high quality, long
life oil and gas assets including royalties, non-operated working
interests and unitized production for yield and capital
appreciation. Toscana Energy Income Corporation is managed by
Sprott Toscana through Toscana Energy Corporation. Sprott Toscana
is a member of the Sprott Group of Companies.
About Sprott Toscana
Sprott Toscana (formerly Toscana Merchant Group) is
a team of Calgary-based energy
specialists that manage three separate businesses: Toscana Energy
Income Corporation (through Toscana Energy Corporation), Toscana
Financial Income Trust and Maple Leaf Energy Income LPs. In
July 2012, Toscana Merchant Group
joined the Sprott Group of Companies when it was acquired by Sprott
Inc. (TSX: SII), Canada's leading
alternative asset manager and a global leader in resource
investing.
Forward-Looking Statements
This news release contains forward‐looking
statements and forward‐looking information within the meaning of
applicable securities laws. These statements relate to future
events or future performance. All statements other than
statements of historical fact may be forward‐looking statements or
information. Forward‐looking statements and information are
often, but not always, identified by the use of words such as
"appear", "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "would" and similar expressions.
More particularly and without limitation, this
news release contains forward‐looking statements and information
concerning the closing of the private placement and the anticipated
timing thereof and the expected use of proceeds from the Private
Placement. The forward‐looking statements and information are based
on certain key expectations and assumptions made by management of
the Company, including expectations and assumptions involving the
approval of the listing of the Common Shares on the TSX Venture
Exchange. Although management of the Company believes that the
expectations and assumptions on which such forward looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward‐looking statements and
information since no assurance can be given that they will prove to
be correct.
Forward-looking statements and information are
provided for the purpose of providing information about the current
expectations and plans of management of the Company relating to the
future. Readers are cautioned that reliance on such statements and
information may not be appropriate for other purposes, such as
making investment decisions. Since forward‐looking statements and
information 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, failure to obtain required approvals and changes in
legislation. Accordingly, readers should not place undue reliance
on the forward‐looking statements, timelines and information
contained in this news release. Readers are cautioned that the
foregoing list of factors is not exhaustive.
The forward‐looking statements and information
contained in this news release are made as of the date hereof and
no undertaking is given 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 or the TSX Venture Exchange. The
forward-looking statements or information contained in this news
release are expressly qualified by this cautionary
statement
This press release shall not constitute an offer to
sell, nor the solicitation of an offer to buy, any securities in
the United States, nor shall there
be any sale of securities mentioned in this press release in any
state in the United States in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
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 Toscana Energy Income Corporation