TRIPLE 8 ENERGY LTD.
TSX VENTURE : TEE

December 02, 2009 12:59 ET

Triple 8 Energy Announces Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 2, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Triple 8 Energy Ltd. (the "Corporation") (TSX VENTURE:TEE) is pleased to announce today that it intends to issue up to 5,289,751 units of the Corporation ("Units") at a price of $0.095 per Unit pursuant to a non-brokered private placement offering. Each Unit will consist of one common share and one common share purchase warrant with each warrant entitling the holder thereof to purchase one common share at an exercise price of $0.15 per share for a period of 3 years from the date of issuance. Certain insiders of the Corporation will be subscribing for Units pursuant to this offering. Proceeds from the offering will be used to fund certain growth initiatives of the Corporation and for general corporate purposes.

All sales will be made on a private placement basis pursuant to exemptions from the prospectus requirements of applicable securities laws. All of the Units issued in connection with this offering are subject to a four month hold period under applicable securities laws and the policies of the TSX Venture Exchange. The closing of the offering is expected to occur at the end of December 2009 or early January 2010 and is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.

This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

Advisory Respecting Forward-Looking Information:

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the expected closing date of the offering and use of proceeds therefrom and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.

The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Triple 8 Energy Ltd.
    Dickson P. Chow
    President and Chief Executive Officer
    (403) 269-3091