Enterprise Energy Resources Ltd.

Enterprise Energy Resources Ltd.

July 04, 2011 08:00 ET

Enterprise Announces Closing of First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 4, 2011) - Enterprise Energy Resources Ltd. (the "Company") (TSX VENTURE:EER) -


Enterprise Energy Resources Ltd. is pleased to announce that it closed the first tranche of its previously announced non-brokered private placement (the "Financing"). The first tranche consisted of the sale of 17,270,014 units (the "Units") at a price of $0.60 resulting in gross proceeds to the Company of $10,362,010. The TSX Venture Exchange has conditionally approved the closing of the Financing, subject to filing of the final documents.

Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.80 for a period of six months from closing and thereafter at a price of $1.00 for an additional six months.

Securities issued under the Financing will be subject to a four month hold period beginning upon their issuance. Next week the Company expects to close the second tranche of the Financing raising up to an additional $500,000. The Company expects the previously announced acquisition of Cerda Capital Corporation will also close next week.


This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been 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 or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the second tranche of the Financing, the closing of the Cerda Capital Corporation acquisition, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Shares Outstanding: 38,976,796

Neither 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.

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