Rider Resources Ltd.
TSX : RRZ

Rider Resources Ltd.

January 24, 2007 08:46 ET

Rider Announces Flow-Through Share Financing

CALGARY, ALBERTA--(CCNMatthews - Jan. 24, 2007) -

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

Rider Resources Ltd. (TSX:RRZ) ("Rider") is pleased to announce that it has entered into a bought deal financing agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including GMP Securities LP, Tristone Capital Inc., Scotia Waterous Inc. and Orion Securities Inc., whereby Rider will issue 1,350,000 flow-through common shares on a private placement basis at a price of $11.00 per share. Certain Directors, Officers and employees of Rider will subscribe for up to 200,000 flow-through common shares at a price of $11.00 per share under this financing.

The aggregate proceeds of $14.85 million from this issue will be used by Rider to fund its ongoing exploration program.

Completion of this financing is conditional upon the receipt of all necessary regulatory approvals and is expected to close on or about February 15, 2007.

Rider Resources Ltd. is a Canadian company engaged in the exploration, development and production of oil and natural gas. Rider's common shares are listed on the Toronto Stock Exchange under the trading symbol "RRZ". Rider's news releases can be accessed electronically through its website at www.riderres.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

Contact Information

  • Rider Resources Ltd.
    Craig W. Stewart
    President and Chief Executive Officer
    (403) 781-2445
    or
    Rider Resources Ltd.
    John W. Ferguson, Vice President, Chief Financial Officer
    and Corporate Secretary
    (403) 781-2446
    Website: www.riderres.com