Great Prairie Energy Services Inc.
TSX VENTURE : GPE

Great Prairie Energy Services Inc.

July 06, 2015 09:00 ET

Great Prairie Energy Services Inc. Announces Non-Brokered Private Placement of Units Consisting of Debentures and Warrants

CALGARY, ALBERTA--(Marketwired - July 6, 2015) -

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

Great Prairie Energy Services Inc. (TSX VENTURE:GPE) ("Great Prairie" or the "Company") announces that it will conduct a non-brokered private placement (the "Offering") of a minimum of $2,000,000 in gross proceeds and up to a maximum of $5,000,000 in gross proceeds of units of the Company priced at $1.00 per unit (each, a "Unit"). Each Unit is comprised of (i) a $1.00 principal amount 8.5% unsecured debenture maturing on the date which is three years from the date of issuance of the debentures (a "Debenture"); and (ii) one common share purchase warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.09 per common share (a "Warrant"). It is not anticipated that any new insiders will be created, nor that any change of control will occur as a result of the Offering. It is anticipated that certain insiders of the Company will participate in the Offering. The Debentures, Warrants and the underlying common shares of the Company issued on the exercise of the Warrants shall be subject to a statutory four-month hold period from the date of closing of the Offering. Net proceeds of the Offering will be used for working capital and general corporate purposes. Completion of the financing is subject to receipt of all normal regulatory approvals, including approval of the TSX Venture Exchange.

About Great Prairie Energy Services Inc.

Great Prairie Energy Services Inc. is a Canadian energy services company focused on servicing oil and gas activity in Saskatchewan and Alberta. Great Prairie provides general oilfield hauling, equipment rental and frac fluid services out of Kindersley, Saskatchewan and Drumheller, Sundre, Rocky Mountain House and Valleyview, Alberta through its operating entities.

Forward-Looking Statements and Reader Advisory

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as " "anticipate", "plan", "expect", "may", "will", "project", "predict", "believe" and similar expressions. In particular, this news release contains forward-looking statements about the terms of the Offering, anticipated participation in the Offering by certain insiders of the Company and the anticipated use of net proceeds from the Offering. The forward-looking statements and information are based on certain key expectations and assumptions made by Great Prairie, including expectations and assumptions concerning the completion of the proposed financing.

Although Great Prairie believes that the expectations and assumptions on which such forward-looking statements and information are based to be reasonable, readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors may include the failure to successfully market the Offering and failure to satisfy certain conditions in connection with the issuance of the Units. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Great Prairie disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Great Prairie undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's or third party's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements.

Neither the 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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