Amarok Energy Inc.

February 08, 2013 09:16 ET

Amarok Energy Inc. Closes Over-Allotment Option

CALGARY, ALBERTA--(Marketwire - Feb. 8, 2013) -


Amarok Energy Inc. (TSX VENTURE:AMR) ("Amarok") announces that it has closed the sale of an additional 9,331,437 common shares ("Over-Allotment Shares") at a price of $0.30 per share, resulting in aggregate gross proceeds of $2,799,431 pursuant to the exercise in full of the available over-allotment option (the "Over-Allotment Option") granted by Amarok to Integral Wealth Securities Limited, Dundee Securities Ltd. and PI Financial Corp. (collectively, the "Agents"). The Agents were paid a cash commission of 6% of the gross proceeds relating to the sale of the Over-Allotment Shares.

The Over-Allotment Option was granted to the Agents in connection with Amarok's previously announced short form prospectus offering of 62,209,580 common shares at a price of $0.30 per share (the "Offering"), which closed on January 7, 2013. The aggregate gross proceeds raised pursuant to the Offering and the Over-Allotment Option was $21,462,305.

The net proceeds of the Over-Allotment Option are intended to be used by Amarok to fund further exploration and development, land acquisition and for general working capital purposes.

Amarok is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas in highly structured play fairways of North America and Colombia. Following the completion of the Offering and issuance of the Over-Allotment Shares, Amarok has approximately 93.0 million common shares issued and outstanding.

Advisory Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or Amarok's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts, are intended to identify forward-looking information and are based on Amarok's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Amarok's stated expectation as to the use of net proceeds of the Over-Allotment Option contain forward-looking information. Such forward looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Amarok's control. Such assumptions, risks and uncertainties include, without limitation, those associated with, the oil and gas industry (eg. operational risks in exploration, development 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, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development or capital expenditures, market conditions. The intended use of the net proceeds of the Over-Allotment Option by Amarok might change if the board of directors of Amarok determines that it would be in the best interests of Amarok to deploy the net proceeds for some other purpose. Amarok disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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

Contact Information

  • Amarok Energy Inc.
    Dale Swanson
    President and Chief Executive Officer
    (403) 679-9170 or (403) 695-3722

    Amarok Energy Inc.
    Murray Hinz
    Vice President, Finance and Chief Financial Officer
    (403) 680-0046