FPL First Calgary

    First Calgary Petroleums Ltd. Confirms Financing

    TSX SYMBOL: FCP

    LSE SYMBOL: FPL

    CALGARY, Jan. 28 /CNW/ - First Calgary Petroleums Ltd. today announced

that Canaccord Capital Corporation, the lead underwriter in its previously

announced equity financing, has advised that it intends to exercise the

previously disclosed option to increase the current equity offering by an

additional CDN $15 million. Therefore, the full 14,893,620 Common Shares will

be sold at a price of CDN $2.35 per share, resulting in gross proceeds to the

company of CDN $35,000,000.

    The transaction is subject to normal regulatory approval and is being

offered in certain provinces by way of a short form prospectus and on a

private placement basis elsewhere.

    Net proceeds of the offering will be used for exploration expenditures in

the Republic of Algeria in which the Corporation holds an interest and for

working capital purposes.

    This news release shall not constitute an offer to sell or the

solicitation of an offer to buy the securities in any jurisdiction. The Common

Shares 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

requirements.

 

    For further information: Richard G. Anderson, President and CEO, Tel

(403) 264-6697; European Contact: 4C Communications; Carina Corbett, Tel +44

(0) 20 7907 4761, Website: www.fcpl.ca

    (FCP.)



END

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