Press Releases

2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010

back to press releases

November 8, 2010
East West Petroleum Announces $26.5 Million Private Placement

Vancouver, British Columbia – East West Petroleum Corp. (the “Company”) is pleased to announce that it has entered into an agreement with GMP Securities L.P. and a syndicate of agents including Haywood Securities Inc. (collectively, the “Agents”), which have agreed to act as agents for and on behalf of the Company, on a “best efforts” agency basis, without underwriter liability, in connection with a proposed private placement offering of up to 24,091,000 units (the “Units”) of the Company at a price of $1.10 per Unit, for aggregate gross proceeds of up to $26,500,100. Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $1.75 for a period of 24 months following the Closing Date.  The Agents will also have the option, exercisable in whole or in part at any time up to 48 hours prior to the Closing Time on the Closing Date to sell up to an additional 3,182,000 Units.  In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be $30,000,300.
 
The Company plans to use the net proceeds from the offering for the acquisition by the Company of a 20% interest in a producing oil field in Egypt, to provide a reserve for the Company’s exploration and development costs for this acquisition, to repay bridge loans the Company has received in respect of the acquisition, and for general working capital purposes.
 
The offering is scheduled to close on or about December 22, 2010 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 and the securities regulatory authorities.
 
This press release is not an offer or a solicitation of an offer of securities for sale in the United States.  The Units and the Common Shares and Warrants have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
 
CONTACT:
 
David Sidoo, Chairman
telephone: +1 604 685 9316
fax: +1 604 683 1585
website: www.eastwestpetroleum.ca 
 
Greg Renwick, President & CEO
telephone: +1 972 955 7251
fax: +1 604 683 1585
 
Nick DeMare, Director
telephone: +1 604 685 9316
fax: +1 604 683 1585
 
ABOUT EAST WEST PETROLEUM CORP.
 
East West Petroleum Corp. trades on the TSX Venture Exchange under the symbol EW.East West is an emerging exploration and production company focused on conventional and unconventional petroleum resources.
 
FORWARD-LOOKING INFORMATION

The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, relationships with vendors and strategic partners, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the oil industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the oil industry, and other risks and uncertainties detailed from time to time in the Company’s filings with the Canadian Securities Administrators (available at www.sedar.com). Forward-looking statements are made based on various assumptions and on management’s beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
 
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.