Delphi Energy Corp.

TSX : DEE


Delphi Energy Corp.

November 13, 2012 09:01 ET

Delphi Energy Corp. Announces Closing of $33 Million Public Offering

CALGARY, ALBERTA--(Marketwire - Nov. 13, 2012) -

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

Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") announces the issuance of 17,241,500 common shares ("Common Shares") at a price of $1.45 per share and 4,571,500 Common Shares issued on a "flow-through basis" under the Income Tax Act (Canada) ("Flow-Through Shares") at a price of $1.75 per share (the "Offering") for total gross proceeds of $33,000,300.

The Offering was underwritten by a syndicate of underwriters led by Stifel Nicolaus Canada Inc. and including Peters & Co. Limited, National Bank Financial Inc. and Scotia Capital Inc.

The proceeds from the Offering will be used by the Company to initially reduce bank indebtedness and thereafter to partially fund the Company's continuing capital program and for general corporate purposes.

Proceeds from the issuance of Flow-Through Shares will be used to incur eligible Canadian Exploration Expenditures ("CEE") for purposes of the Income Tax Act (Canada) and such CEE will be renounced to subscribers of the Flow-Through Shares on or before December 31, 2012.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States.

Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.

Forward-Looking Statements. This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", may", "will", "should", believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information. Forward looking statements in this news release include statements regarding the use of proceeds.

Additionally, although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the impact of general economic conditions, the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources, stock market volatility and changes in tax, royalty and environmental legislation. Additional information on these and other factors that could affect the Company's operations or financial results are included in reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof . Delphi undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Delphi Energy Corp.
    David J. Reid
    President & CEO
    (403) 265-6171

    Delphi Energy Corp.
    Brian P. Kohlhammer
    Senior V.P. Finance & CFO
    (403) 265-6171
    (403) 265-6207 (FAX)

    Delphi Energy Corp.
    300, 500 - 4 Avenue S.W.
    Calgary, Alberta
    T2P 2V6
    info@delphienergy.ca
    www.delphienergy.ca