Anderson Energy Ltd.
TSX : AXL

Anderson Energy Ltd.

March 29, 2007 08:16 ET

Anderson Energy Ltd. Announces $30 Million Bought Deal Financing

CALGARY, ALBERTA--(CCNMatthews - March 29, 2007) -

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

Anderson Energy Ltd. ("Anderson") (TSX:AXL) is pleased to announce that it has entered into an agreement with a syndicate of underwriters, co-led by Sprott Securities Inc. and BMO Capital Markets and including RBC Capital Markets, Tristone Capital Inc. and GMP Securities L.P., pursuant to which the underwriters have agreed to purchase on a bought deal basis pursuant to a short form prospectus, 6,900,000 common shares ("Common Shares") at a price of $4.35 per Common Share for gross proceeds to Anderson of approximately $30 million (the "Offering").

Anderson has also granted the underwriters an option (the "Over-Allotment Option") to buy up to an additional 1,035,000 Common Shares for additional gross proceeds of approximately $4.5 million.

Proceeds of the Offering will be used to fund Anderson's capital program and for working capital purposes.

Closing is expected to occur on or about April 24, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Certain statements made herein contain forward-looking information, including statements concerning the anticipated closing date of the offering and the anticipated use of proceeds. Although Anderson believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. Closing could be delayed if Anderson cannot obtain necessary regulatory approvals within anticipated timelines, and will not be completed unless certain conditions customary for transactions of this kind are satisfied.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Anderson Energy Ltd.
    Brian Dau
    President & CEO
    (403) 262-6307