VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2012) - ERA Carbon Offsets Ltd. ("ERA" or the "Company") (TSX VENTURE:ESR) is pleased to announce a non-brokered private placement (the "Financing") of 1,500,000 units (the "Units") at a price of $0.13 per Unit for gross proceeds of approximately $195,000. Each Unit consists of one common share of the Company and one share purchase warrant exercisable for a period of four (4) years at an exercise price of $0.17 per share. No finder's fees or commissions are payable on the Financing.
The proceeds of the Financing will be used for general working capital purposes.
The Financing includes participation by Forest Carbon Group AG, the Company's largest shareholder, which has elected to maintain its approximately 30% interest in the Company by participating in the Financing and in the private placement announced on September 17, 2012.
UPDATED PRIVATE PLACEMENT FINANCING
The Company's previously announced private placement financing (the "September Financing") totaling 2,000,000 units priced at $0.11 per unit with a one (1) year $0.11 warrant has been amended to comprise of one common share at a price of $0.11 and one share purchase warrant exercisable for a period of two (2) year at an exercise price of $0.21 per share. Proceeds of the September Financing will be approximately $220,000.
Proceeds will be used for part of the payment of the previously announced acquisition. No commissions or finder's fees are payable on the September Financing.
Robert Falls, Ph.D., R.P.Bio., Chairman
ERA Carbon Offsets
About ERA Carbon Offsets Ltd.
A pioneer in carbon offset projects based on forest conservation and restoration, ERA has delivered over two million tonnes of carbon offsets to the voluntary market from a variety of international forestry based projects. The company's Community Ecosystem Restoration Program ("CERP") began in 2005 in British Columbia, Canada, and has delivered large scale restoration of riparian ecosystems throughout the Lower Mainland of British Columbia. ERA's successful project development activities include the award winning Darkwoods and Denman Island forest carbon projects, the first REDD concessions in the Democratic Republic of Congo in central Africa and Improved Forest Management projects in the United States which are expected to deliver ARB compliant tonnes for the California market beginning in 2013. Our activities span Canada, Africa, the United States and New Zealand. ERA's carbon offset projects are validated and verified to ISO-14064, CCBA, PFSI-VER, CAR and VCS standards and sell into voluntary and pre-compliance carbon markets. ERA's clients and product users include, Catalyst Paper, Rolling Stone Magazine, HSE - Entega, Forest Carbon Group AG, and Shell Canada Limited.
Additional information about ERA can be found on the corporate website www.eraecosystems.com.
Additional information on ERA can be found on the corporate website www.eracarbonoffsets.com or by contacting firstname.lastname@example.org.
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of forest-based carbon offsets. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although ERA Carbon Offsets Ltd. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include fluctuations in the marketplace for the sale of carbon credits, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
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.