CaiTerra International Energy Corp.

CaiTerra International Energy Corp.

December 29, 2014 17:26 ET

CaiTerra International Energy Corporation Announces Closing of Second Tranche of Previously Announced Private Placement Financing

CALGARY, ALBERTA--(Marketwired - Dec. 29, 2014) - CaiTerra International Energy Corporation (the "Company") (TSX VENTURE:CTI) announces that it has closed the second tranche of its previously announced private placement financing of common and flow-through shares and has issued an aggregate of 300,000 common shares of the Company on a "flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through Shares") at a price of $0.25 per Flow-Through Share for aggregate proceeds of $75,000.

The Company will renounce eligible Canadian Exploration Expenses in an amount equal to the aggregate gross proceeds to the subscribers prior to December 31, 2014. The net proceeds from the sale of the Flow-Through Shares will be used to fund the Company's exploration program in northern Alberta which will qualify as "Canadian Exploration Expenses", within the meaning of the Income Tax Act (Canada).

The offering has received conditional approval from the TSX Venture Exchange. The Flow-Through Shares have been issued subject to a four-month hold period.

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 release.

The information and statements in this news release contains certain forward looking information. This forward looking information relates to future events or future performance. In particular, this document contains forward looking information and statements regarding the use of proceeds of the private placement and renunciations under the Income Tax Act (Canada). All statements other than statements of historical fact may be forward-looking information. This forward looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking information. No assurances can be given that any of the events anticipated by the forward looking information will transpire or occur or, if any of them do, what benefits that the Company will derive from them. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information.

Accordingly, prospective investors should not place undue reliance on these forward-looking statements. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement. These forward-looking statements are made as of the date of this press release and, except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information.

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

Contact Information

  • CaiTerra International Energy Corporation
    Songning Shen
    Chief Executive Officer
    (587) 353-3711