Canadian Phoenix Resources Corp.
TSX VENTURE : CPH

Canadian Phoenix Resources Corp.

March 17, 2008 20:48 ET

Canadian Phoenix Completes $25.3 Million Non-Brokered Private Placement Financing

CALGARY, ALBERTA--(Marketwire - March 17, 2008) -

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

CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix") (TSX VENTURE:CPH) is pleased to announce that it has completed the non-brokered private placement of 202,398,000 units ("Units") of Canadian Phoenix at the price of $0.125 per Unit for gross proceeds of $25,299,750 (the "Unit Private Placement"). Each Unit consists of one common share ("Common Share") of Canadian Phoenix and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share during the period expiring on the second anniversary of the completion of the Private Placement upon payment of the exercise price of $0.15 per Common Share. If the closing price of the Common Shares on the TSX Venture Exchange is at least $0.25 for a minimum of at least 30 trading days, Canadian Phoenix may reduce the exercise period to that date which is 30 days following the date on which the Warrant holders receive notice of the shortened exercise period. The net proceeds of the Unit Private Placement will be used by Canadian Phoenix to develop its oil and natural gas projects, to conduct acquisitions and for general working capital purposes.

Finders acting in connection with the Unit Private Placement received a finder's fee in the total amount of 20,239,800 Units, with each Unit consisting of one Common Share and one Warrant. The securities issued pursuant to the Unit Private Placement are subject to a restriction period expiring July 18, 2008. Following the completion of the Unit Private Placement, Canadian Phoenix has 422,384,640 Common Shares issued and outstanding. The completion of the Unit Private Placement is subject to regulatory approval.

Canadian Phoenix Resources Corp. is a publicly traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix is pursuing a corporate strategy of being a consolidator of undervalued oil and gas assets located in the Western Canadian Sedimentary Basin. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CPH".

ON BEHALF OF THE BOARD OF DIRECTORS OF CANADIAN PHOENIX RESOURCES CORP.

Robert J. Chenery, President & CEO

This news release does not constitute an offer to sell or the solicitation of an offer to buy the Units, Common Shares or Warrants within the United States. The Units, Common Shares and Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, none of the Units, Common Shares or Warrants may be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities law or an exemption from such registration is available.

Forward-Looking Statements

This release may contain forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are made as of the date hereof and Canadian Phoenix does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Canadian Phoenix Resources Corp.
    Robert J. Chenery
    President & CEO
    (403) 920-0040
    (403) 920-0043 (FAX)