Culane Energy Corp.
TSX VENTURE : CLN

Culane Energy Corp.

March 13, 2008 17:25 ET

Culane Announces $20.0 Million Bought Deal Private Placement

CALGARY, ALBERTA--(Marketwire - March 13, 2008) -

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES NEWS WIRE SERVICES.

Culane Energy Corp. ("Culane") (TSX VENTURE:CLN) is pleased to announce that it has entered into a financing agreement with a syndicate of underwriters, led by RBC Capital Markets, to sell, on a "bought deal" basis, 2,860,000 common shares of Culane at an issue price of $7.00 per share, resulting in gross proceeds of $20.0 million. Closing is expected to occur on or about April 3, 2008. The net proceeds from this offering will be used to fund Culane's exploration, development, and acquisition programs as well as for general corporate purposes. Culane Energy Corp. trades on the TSX Venture Exchange under the symbol "CLN".

This news release contains forward-looking statements. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including known and unknown factors beyond Culane's control. Culane undertakes no obligation to update forward-looking information if circumstances or estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Culane Energy Corp.
    Donald Staus
    President and Chief Executive Officer
    (403) 263-2773
    (403) 263-2776 (FAX)
    or
    Culane Energy Corp.
    Stewart Larsen
    Vice President of Finance, and Chief Financial Officer
    (403) 263-2773
    (403) 263-2776 (FAX)