Destiny Resource Services Corp.

Destiny Resource Services Corp.

January 04, 2005 16:30 ET

Destiny Announces Successful Rights Offering, Repayment of All Term Debt




JANUARY 4, 2005 - 16:30 ET

Destiny Announces Successful Rights Offering,
Repayment of All Term Debt

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2005) - Destiny Resource
Services Corp.'s (TSX:DSC) rights offering closed successfully on
December 30, 2004. All rights were exercised at $0.14 and 52,711,309
Common Shares were issued as a result. Of gross proceeds to the Company
of $7.4 million, $6.2 million was used to retire all of the Company's
term debt and the balance was added to working capital.

Destiny Resource Investment L.P. acquired a total of 35,821,350 Common
Shares pursuant to the rights offering, tendering a $3.81 million
debenture, $162,000 of accrued interest on the debenture and $1,046,000
in cash. On December 31, 2004, Destiny Resource Investment L.P. was
dissolved and the shares of Destiny owned thereby were distributed to
its partners. As a result, direct and indirect holdings for Matco
Capital Ltd. of Calgary and Bruce Libin, Executive Chairman and CEO of
Destiny, are 36,653,500 (34.8%) shares and 20,619,314 (19.6%) shares,

Destiny provides Seismic Front-End Services comprised of seismic survey
and mapping (Wolf Survey & Mapping), seismic line clearing (Destiny
Resources) and shot-hole drilling (Double R Drilling) to energy
explorers and producers and to seismic acquisition companies.

This release, or any part of it, may include comments that do not refer
strictly to historical results or actions and may constitute
forward-looking statements. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the Company or of the industry
to be materially different from any results, performance or achievements
expressed or implied by such forward-looking statements. Such risks,
uncertainties and other factors include general and industry economic
and business conditions which, among other things, affect the demand for
the services of the Company; competitive factors and industry capacity;
the availability of personnel to manage the Company and manage and
deliver its services; the ability of the Company to finance and
implement its business strategy; changes in, or the failure to comply
with, government law and regulations (especially relating to health,
safety and environment); weather; and other such risks as may be
identified in this release or in other published documents. Accordingly,
there is no certainty that the Company's plans will be achieved.


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