One Exploration Inc.
TSX VENTURE : OE.A
TSX VENTURE : OE.B

November 27, 2008 07:58 ET

One Exploration Inc. Announces $3,000,000 Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(Marketwire - Nov. 27, 2008) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

One Exploration Inc. ("OneEx" or the "Corporation") (TSX VENTURE:OE.A)(TSX VENTURE:OE.B) has entered into an equity financing on a bought deal basis with a syndicate of underwriters (the "Underwriters") led by Blackmont Capital Inc. and including Tristone Capital Inc. The offering will consist of 4,411,800 flow-through common shares (the "Flow-Through Common Shares") at a price of $0.68 (the "Purchase Price") for total proceeds of approximately $3,000,000. The Underwriters have been granted an option to purchase up to an additional 735,300 Flow-Through Common Shares at the Purchase Price for additional gross proceeds of approximately $500,000 for a term up to 48 hours prior to closing.

The net proceeds received by OneEx from the sale of the Flow-Through Common Shares will be used to incur eligible Canadian Exploration Expenses which will be renounced in favor of the holders for the 2008 taxation year.

The offering is scheduled to close on or about December 11, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities issued pursuant to the offering shall be subject to a four-month hold period in accordance with applicable securities laws.

About OneEx

One Ex continues to assemble a large inventory of prospects and opportunities ranging from lower risk recompletions and tie-ins to higher impact exploration drilling. Ultimately, the ability to high grade and rank opportunities based on either commodity pricing or risk tolerance places the Corporation in an advantageous position to demonstrate meaningful growth to our shareholders. The Corporation regularly updates its Corporate Presentation on its website at www.one-ex.ca.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

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

Contact Information

  • One Exploration Inc.
    Walter Vrataric
    President and Chief Executive Officer
    (403) 781-2752
    (403) 232-8463 (FAX)
    or
    One Exploration Inc.
    Dennis Ward
    Vice President, Finance and Chief Financial Officer
    (403) 781-2756
    (403) 232-8463 (FAX)
    Website: www.one-ex.ca