Guardian Exploration Inc.

Guardian Exploration Inc.

May 15, 2008 10:16 ET

Guardian Exploration Inc. (TSXV:GX) Announces First Tranche Closing of Brokered Private Placement & Expanded Offering

CALGARY, ALBERTA--(Marketwire - May 15, 2008) - Guardian Exploration Inc. ("Guardian" or the "Company") (TSX VENTURE:GX), is pleased to announce that it has completed the closing of the first tranche its previously announced brokered private placement. The closing consisted of 600,000 Common Shares at a price of $0.30 per Common Share and 3,185,500 Flow Through Shares at a price of $0.35 per Flow Through Share (the "Placement") for gross proceeds of $1,294,925 ($1,172,526 net of agent's fees and expenses). The funds are to be used to finance Guardian's ongoing oil & gas drilling program.

Due to increased demand, and upon agreement between Blackmont Capital Inc. (the "Agent") and Guardian, the maximum offering under the brokered private placement has been increased by $500,000 for a total raise of up to $3,500,000 on the same terms, subject to regulatory approval.

Guardian is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "GX".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Guardian Exploration Inc.
    Graydon Kowal
    President and CEO
    (403) 232-1748