Guardian Exploration Inc.

Guardian Exploration Inc.

January 18, 2008 11:46 ET

Guardian Announces Closing of Private Placement and Director Appointment

CALGARY, ALBERTA--(Marketwire - Jan. 18, 2008) - Guardian Exploration Inc. ("Guardian" or the "Corporation") (TSX VENTURE:GX) announces that, subject to final TSX Venture Exchange approval, it has closed a non-brokered private placement ("Private Placement") raising $1,210,000 by issuing 5,500,000 Units at $0.22 per Unit. Each Unit consisted of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share at a price of $0.30 for two years from the date of closing.

In connection with its efforts on behalf of the Corporation pursuant to the Private Placement, Blackmont Capital Inc. will receive a cash commission and Agent's Warrants. Each Agent's Warrant is exercisable for a period of two years from the date of closing into a Common Share at a price of $0.22.

The Units issued pursuant to the private placement are subject to a four month hold period. The proceeds of the Private Placement will be used for exploration expenditures and for working capital purposes.

In connection with the private placement, Graydon Kowal, Director and President & CEO purchased the 5,500,000 Units and concurrently sold through the facilities of the TSX Venture Exchange 5,500,000 Common Shares to clients of Blackmont Capital Inc. from his personal holdings.

Guardian is also pleased to announce Mr. Dennis Jonk's appointment as a Director of the Corporation. Mr. Jonk currently provides consulting services to various clients as a pipeline and facility engineering project manager. Mr. Jonk has extensive experience in scoping, design and execution of oilfield pipeline and facility projects. His focus has primarily been in the sour gas transportation, compression and dehydration. In conjunction with his appointment, the Corporation has granted Mr. Jonk 200,000 stock options. The options will be exercisable into common shares of Guardian upon payment of $0.22 per share on or before January 18, 2013.

Guardian is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "GX".

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Guardian Exploration Inc.
    Graydon Kowal
    President and CEO
    (403) 232-1748