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December 22, 2010
East West Petroleum Closes $30 Million Private Placement

Vancouver, British Columbia – Mr. David Sidoo, Chairman of East West Petroleum Corp. (the “Company”), is pleased to announce that it has closed its previously announced private placement (the “Offering”) with GMP Securities L.P. and GMP Securities Europe LLP, as lead agent, and a syndicate of agents including Haywood Securities Inc. (collectively, the “Agents”) of 27,273,000 units (the “Units”) of the Company at a price of $1.10 per Unit, for aggregate gross proceeds of $30,000,300.  Each Unit consists of one common share 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 entitles the holder thereof to purchase one Common Share at a price of $1.75 on or before December 22, 2012.  The Agents received a cash fee of $1,725,009, and have been granted broker warrants exercisable to acquire 784,095 common shares of the Company at a price of $1.75 per share on or before December 22, 2012. All securities issued under the Offering are subject to a four month and one day hold period under applicable Canadian securities laws, expiring on April 23, 2011.
 
The Company has received conditional listing approval from the TSX Venture Exchange for the Common Shares and Warrants sold under the Offering, including the common shares underlying the broker warrants, and will be making a formal application to list the Warrants for trading on the TSX Venture Exchange commencing immediately after the hold period has expired.
 
The Company plans to use the net proceeds from the Offering as follows: (1) to provide a reserve to pay the US$13,500,000 balance due for the acquisition of a 20% interest in the Burg El Arab oil and gas field in the western desert region of Egypt, pursuant to a Share Purchase Agreement entered into with Kuwait Energy Egypt Limited (a subsidiary of Kuwait Energy Company KSCC) and the Company dated December 6, 2010; (2) to repay the bridge loans received by the Company to pay the US$3,500,000 deposit for the acquisition that was paid earlier this month; (3) to provide a reserve for the Company’s share of exploration and development costs for the Burg El Arab field; and (4) for general working capital purposes.
 
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.