Antrim Energy Inc.

Antrim Energy Inc.

September 29, 2005 12:25 ET

Antrim Energy Inc. Announces Closing of Offering

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(CCNMatthews - Sept. 29, 2005) -


Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim") is pleased to announce the closing of its previously announced best efforts offering (the "Offering") of 8,333,333 Units at a price of $1.80 per Unit for aggregate gross proceeds of $15.0 million. The Offering was distributed in Canada pursuant to a short form prospectus dated September 21, 2005 (the "Prospectus") and was led by Research Capital Corporation and included Octagon Capital Corporation (collectively the "Agents").

Each Unit consisted of one Common Share and one-half of one Warrant. Each whole Warrant is exercisable for a period of 18 months and entitles the holder thereof to acquire one additional Common Share of Antrim at a price of $3.00 per share. The Agents received a cash commission of 7% of the gross proceeds from the Offering and an Option to acquire a number of Units equal to 10% of the Units sold under the Offering. Each Agents Option entitles the holder to acquire one Common Share and one-half of one Warrant at a price of $1.80 until September 29, 2006.

The Offering is in addition to a previously announced agreement with a syndicate led by Research Capital Corporation pursuant to which the syndicate purchased, on a "bought deal" basis, an aggregate of 6,111,111 Special Warrants at a price of $1.80 per Special Warrant for gross proceeds of $11.0 million. The Prospectus also qualified for distribution the common shares and warrants issuable upon exercise or deemed exercise of the Special Warrants.

Antrim intends to use the net proceeds of this offering to fund its "Causeway" Prospect in the UK North Sea and for corporate working capital.

This press release is not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain statements contained in this press release may be considered as "forward looking". Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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