Landis Energy Corporation
TSX VENTURE : LIS

July 08, 2008 09:16 ET

Landis Energy Corporation Announces $30,000,000 Private Placement

CALGARY, ALBERTA--(Marketwire - July 8, 2008) -

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Landis Energy Corporation ("Landis" or the "Corporation") (TSX VENTURE:LIS) is pleased to announce that it has entered into an agreement to issue up to 26.7 million common shares on a best efforts, private placement basis for gross proceeds of approximately C$24.0 million. The syndicate is led by FirstEnergy Capital Corp., and includes Thomas Weisel Partners Canada Inc.

In addition, up to C$6.0 million common shares will be offered on a non-brokered private placement basis on the same terms and closed in conjunction with the brokered offering. The total size of the brokered and non-brokered offerings is estimated to be approximately C$30.0 million.

The Corporation intends to use the net proceeds to fund the development of the Alton Natural Gas Storage project and for general corporate purposes. The financing is scheduled to close on or about August 6, 2008 and is subject conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Landis is currently developing energy infrastructure projects focusing on hydrocarbon storage and complimentary assets.

This news release may contain forward-looking statements. These statements are based on current company expectations, objectives and projections which are subject to risks and uncertainties. These statements reflect the best estimate with respect to future events at any given point in time. Actual results could differ materially from the forward-looking statement, due to risks and uncertainties. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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