Redcliffe Exploration Inc.
TSX VENTURE : RXI.A
TSX VENTURE : RXI.B

Redcliffe Exploration Inc.

November 07, 2007 09:30 ET

Redcliffe Announces Non-Brokered Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Nov. 7, 2007) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Redcliffe Exploration Inc. ("Redcliffe" or the "Corporation")(TSX VENTURE:RXI.A)(TSX VENTURE:RXI.B) is pleased to announce that it intends to complete a non-brokered private placement of up to 16,666,667 units of the Corporation (the "Units") at $0.45 per Unit for gross proceeds of up to $7,500,000. Each Unit is comprised of one (1) Class A share (the "Shares") and one-half (1/2) Share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder to acquire an additional Share at an exercise price of $0.55 for a period of twelve (12) months following the closing date of the offering. The Warrants will not trade on any stock exchange, but will be transferable pursuant to applicable securities law requirements.

Redcliffe insiders, existing shareholders and new international investors are anticipated to subscribe for approximately 75% or 12,500,000 Units under the offering. Redcliffe intends to use the proceeds of this private placement to fund its ongoing drilling program through Q1 2008 in the Pembina and Gold Creek areas of Alberta, and for general corporate purposes, as required. Closing of this offering is expected to occur on or about November 19, 2007, subject to TSX Venture Exchange approval.

Redcliffe's strategy is to build shareholder value through internally generated exploration and development drilling, and through selective acquisitions. Redcliffe explores for liquid-rich, multi- zone gas at depths of 1,500 - 2,800 meters in the Pembina and Peace River Arch areas of western Alberta.

Forward-Looking Statements: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

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

Contact Information

  • Redcliffe Exploration Inc.
    Daryl H. Connolly
    President & CEO
    (403) 539-8440
    (403) 539-8433 (FAX)
    Email: dconnolly@redcliffe.ca
    or
    Redcliffe Exploration Inc.
    George Gramatke
    Vice President, Finance & CFO
    (403) 539-8442
    (403) 539-8433 (FAX)
    Email: ggramatke@redcliffe.ca