Alexander Energy Ltd

TSX VENTURE : ALX


December 18, 2013 12:24 ET

Alexander Energy Ltd. Announces Increase to Bought Deal Financing

CALGARY, ALBERTA--(Marketwired - Dec. 18, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Alexander Energy Ltd. ("Alexander" or the "Company") (TSX VENTURE:ALX) is pleased to announce that it has increased its previously announced bought deal financing agreement detailed in its press release issued earlier this morning with a syndicate of underwriters co-led by Peters & Co. Limited and Clarus Securities Inc., and including GMP Securities Ltd., TD Securities Inc., Dundee Securities Ltd., AltaCorp Capital Inc., Desjardins Securities Inc. and Scotia Capital Inc. (collectively, the "Underwriters"), whereby the Company will now issue 153,062,000 special warrants at a price of $0.49 per special warrant, for aggregate gross proceeds of approximately $75.0 million (the "Brokered Financing"). In all other respects the terms of the Brokered Financing, the previously announced contemporaneous non-brokered financing and the use of proceeds will remain as previously disclosed in the earlier press release.

The offering is scheduled to close on or about January 14, 2014, 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.

Forward-Looking and Cautionary Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company including, without limitation, concerning the Acquisition, the Financings, the success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of the Company's properties, the successful application of drilling, completion and seismic technology, prevailing weather conditions, commodity prices, royalty regimes and exchange rates, the application of regulatory and licensing requirements and the availability of capital, labour and services.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in the Company's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com and the Company's other public disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Boe/d means barrel of oil equivalent per day.

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 news release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been 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 within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contact Information

  • Alexander Energy Ltd.
    Richard (Rick) McHardy
    President and Chief Executive Officer
    403.265.6444
    403.264.1348 (FAX)

    Alexander Energy Ltd.
    Michelle Wiggins
    Vice President, Finance and Chief Financial Officer
    403.265.6444
    403.264.1348 (FAX)

    Alexander Energy Ltd.
    Suite 1540, 521 - 3rd Ave S.W.
    Calgary, Alberta T2P 3T3