Iteration Energy Ltd.
TSX : ITX

Iteration Energy Ltd.

November 16, 2006 08:57 ET

Iteration Energy Ltd. Announces $12 Million Equity Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 16, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Iteration Energy Ltd. (TSX:ITX) ("Iteration") is pleased to announce that it has entered into a bought deal financing agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including RBC Capital Markets, Peters & Co. Limited, and Wellington West Capital Markets Inc. Pursuant to the terms of the agreement, 2,300,000 common shares of Iteration will be issued on a flow-through private placement basis at a price of $5.25 per flow-through common share resulting in gross proceeds of $12,075,000.

This transaction is subject to certain conditions including normal regulatory approvals. Closing is anticipated to occur on or about December 5, 2006.

Proceeds from this offering will be used to fund qualifying expenditures of Iteration's on-going exploration program.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Contact Information

  • Iteration Energy Ltd.
    Brian Illing
    President and CEO
    (403) 261-6883
    or
    Iteration Energy Ltd.
    Sean Johnson
    CFO
    (403) 261-6883
    Email: info@iterationenergy.com