Antrim Energy Inc.
TSX : AEN
AIM : AEY

Antrim Energy Inc.

June 23, 2008 16:37 ET

Antrim Energy Inc. Announces "Bought Deal" Financing

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - June 23, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Antrim Energy Inc. ("Antrim" or the "Company") (TSX:AEN)(AIM:AEY) is pleased to announce that it has entered into an agreement to sell to a syndicate of underwriters, on a "bought deal" basis, 16,130,000 common shares at a price of C$3.10 per common share for gross proceeds of C$50,003,000. The syndicate will be co-led by RBC Capital Markets, as sole bookrunner, and Wellington West Capital Markets Inc. and also includes Cormark Securities Inc. and Research Capital Corporation, collectively (the "Underwriters"). In addition, the Company has also granted to the Underwriters an over-allotment option, exercisable in whole or in part at any time until 30 days following the closing date, to purchase up to an additional 15% of the number of common shares sold pursuant to the offering under the same terms and conditions. If the over-allotment option is exercised in full, the gross proceeds of the offering will be C$57,503,450. The offering will be made in each of the provinces in Canada, excluding Quebec, by way of short form prospectus and pursuant to applicable private placement exemptions in jurisdictions outside of Canada and the United Kingdom. The offering is scheduled to close on or about July 15, 2008.

Antrim plans to use the net proceeds of this offering to fund its ongoing appraisal of the Fyne field in the North Sea through to submission of a field development plan for the field and for general working capital purposes.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or applicable state securities laws, and may not be offered or sold in the United States absent registration or applicable exemption from such requirements.

Reader Advisory

This news release contains certain forward-looking statements, which include assumptions with respect to (i) funds to be raised in a financing; and (ii) future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Please refer to the Company's Annual Information Form for the year ended December 31, 2007 and dated March 31, 2008 and available for viewing at www.sedar.com, for a list of risk factors. The Company's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable Canadian securities laws and AIM Rules in the UK. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Updated information about Antrim can be accessed on its website: www.antrimenergy.com.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: greer@antrimenergy.com
    or
    Antrim Energy Inc.
    Anthony J. Potter
    Chief Financial Officer
    (403) 264-5111
    (403) 264-5113 (FAX)
    Email: potter@antrimenergy.com
    Website: www.antrimenergy.com
    or
    Nominated Adviser
    Royal Bank of Canada Europe Limited
    Sarah Wharry
    +44 20 7653 4667