Storm Exploration Inc.
TSX : SEO

Storm Exploration Inc.

June 01, 2006 15:19 ET

Storm Announces Closing of $15.58 Million Bought Deal Financing

CALGARY, ALBERTA--(CCNMatthews - June 1, 2006) -

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

Storm Exploration Inc. (TSX:SEO) is pleased to announce that it has closed its previously announced bought deal private placement of 1.9 million flow-through common shares at $8.20 per flow-through common share, for gross proceeds of $15.58 million. The proceeds of the private placement will be used to fund qualifying exploration activities.

The private placement has been completed in accordance with an agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including Tristone Capital Inc., Wellington West Capital Markets Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Salman Partners Inc.

Storm Exploration Inc. began oil and gas operations effective July 1, 2004. The Company is headquartered in Calgary, Alberta and is active in North-west Alberta and North-east British Columbia.

This news release is not for dissemination in the United States or to any United States news services. The common shares of Storm have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Contact Information

  • Storm Exploration Inc.
    Brian Lavergne
    President & CEO
    (403) 264-3520
    (403) 264-3552 (FAX)
    or
    Storm Exploration Inc.
    Donald McLean
    Chief Financial Officer
    (403) 264-3520
    (403) 264-3552 (FAX)