Ithaca Energy Inc.
TSX VENTURE : IAE

Ithaca Energy Inc.

June 05, 2006 09:49 ET

Ithaca Energy Inc. Announces Closing of C$59.5 Million Financing

CALGARY, ALBERTA--(CCNMatthews - June 5, 2006) -

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Ithaca Energy Inc., nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Ithaca Energy Inc.

NOT FOR RELEASE IN THE UNITED STATES OR ANY OTHER JURISDICTION OR DISTRIBUTION TO US NEWS SERVICES OR NEWS SERVICES OF ANY OTHER JURISDICTION

These securities have not been registered under the US Securities Act 1933, as amended, or any state securities law, and they may not be offered or sold in the United States unless an exemption from registration is available.

Ithaca Energy Inc. (TSX VENTURE:IAE) ("Ithaca" or the "Company"), an oil and gas company focused on the exploration and development of resources in the United Kingdom North Sea, today announces the closing of an equity financing of common shares at C$2.10 per share (Pounds Sterling 1.00 per share) for aggregate gross proceeds of approximately C$59.5 million (approximately Pounds Sterling 28.3 million).

Ithaca has a diversified portfolio of North Sea assets. Lawrie Payne, Chief Executive Officer of Ithaca, commented that "The funds raised through this offering will enable the further appraisal and development of Ithaca's properties in the North Sea".

Research Capital Corporation and CIBC World Markets Inc. acted as agents to the Company in its offering in Canada. Jefferies International Limited and Mirabaud Securities Limited acted as brokers in London.

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

NOT FOR RELEASE IN THE UNITED STATES OR ANY OTHER JURISDICTION OR DISTRIBUTION TO US NEWS SERVICES OR NEWS SERVICES OF ANY OTHER JURISDICTION

Not for release, publication or distribution, directly or indirectly, in or into the United States, the Republic of Ireland, the Republic of South Africa, Japan or Australia.

Contact Information

  • Ithaca Energy Inc.
    Lawrie Payne
    In London: +44(0) 20 7590 3027
    Mobile: +44(0)7841 678668
    or
    Ithaca Energy Inc.
    Brad Gunn
    London: +44(0) 20 7590 3026 or Calgary (403) 668-9599
    Mobile London: +44(0)7920 019355
    Mobile Calgary: (403) 389-4107