Invicta Oil & Gas Ltd.

Invicta Oil & Gas Ltd.

November 23, 2007 22:18 ET

Invicta Oil & Gas Ltd.: Closing of $39.0 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) -


Invicta Oil & Gas Ltd. ("Invicta" or the "Company") (TSX VENTURE:IGG) announces that it has closed the first tranche of its previously announced non-brokered private placement. Under the closing today the Company issued 69,765,138 common shares at a price of CDN$0.56 per common share raising gross proceeds of CDN$39,068,477. An additional 4,380,445 common shares were issued as a finder's fee in connection with the private placement. All of the common shares issued are subject to a four month hold period expiring on March 24, 2008.

The Company expects to close a second tranche of the private placement within the next week raising additional gross proceeds of up to approximately CDN$4.25 million.

The proceeds from the private placement will be used to finance the acquisition by the Company of 90% of the shares of Cheetah Oil & Gas Ltd. (British Columbia) ("Cheetah BC") and for working capital. Cheetah BC indirectly holds interests in approximately 8.4 million acres of land prospective for oil and natural gas in Papua New Guinea. The acquisition is expected to close early next week.

This news release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such statements and information are based on assumptions and judgments of management of Invicta regarding future events or results and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements and information. Such risks and uncertainties include Invicta's ability to close the Private Placement and other related transactions. Invicta disclaims any intention or obligation to revise or update such statements except as may be required by law.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from registration.

Shares Outstanding: 130,919,958

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Invicta Oil & Gas Ltd.
    Paul Larkin
    (604) 687-7767
    (604) 688-9895 (FAX)
    Invicta Oil & Gas Ltd.
    Arlen Hansen
    Investor Relations