Board Committees
TSX VENTURE SYMBOL: ONR - | View Quote | View Chart | View Financials |
CALGARY, ALBERTA--(CCNMatthews - Dec. 14, 2005) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Open Range Energy Corp. (TSX:ONR) (TSX:ONR.WT) announces today that it has entered into a bought deal financing agreement with a syndicate of underwriters led by GMP Securities L.P. and including Sprott Securities Inc., Haywood Securities Inc. and Tristone Capital Inc. to issue 1,177,000 common shares on a private placement basis at a price of $4.25 per common share for gross proceeds of $5,002,250. Completion of this transaction is subject to receipt of all necessary regulatory approvals. This transaction is expected to close on or about January 10, 2006.
Proceeds from this offering will be used to fund Open Range's ongoing exploration and development activities.
Reader Advisory
This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Open Range's control, including: the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Open Range's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Open Range will derive there from. All amounts are denominated in Canadian funds unless otherwise specified.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Open Range Energy Corp.
A. Scott Dawson, P.Eng.
President and Chief Executive Officer
(403) 205-3704
Website: www.openrangeenergy.com
