TEI Toscana Energy Income Corporation

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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