Macro Enterprises Inc.
TSX VENTURE : MCR

Macro Enterprises Inc.

January 04, 2007 13:42 ET

Macro Enterprises Inc.: Closing of Subscription Receipt Private Placement Offering

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2007) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Macro Enterprises Inc. (the "Company") (TSX VENTURE:MCR) is pleased to announce that its previously announced private placement offering (the "Offering") through a syndicate of agents led by Sprott Securities Inc. and including Acumen Capital Finance Partners Limited of up to 6,500 subscription receipts (the "Subscription Receipts") at a price of $1,000 per Subscription Receipt has been fully subscribed and the Offering is now closed. The gross proceeds of the Offering is $6,500,000.

Each Subscription Receipt will entitle the holder thereof to receive, without additional payment or further action, one convertible cumulative non-voting preferred share (the "Preferred Share") of the Company on receipt of the approval of the shareholders of the Company to the creation of the Preferred Shares and the completion of all related requisite filings. The Company has called a special meeting of its shareholders for January 30, 2007, for the purpose of obtaining the shareholders' approval of the creation of the Preferred Shares. If such approval is not obtained, each holder of a Subscription Receipt will be entitled to receive, without additional payment or further action, one convertible unsecured subordinated debenture (the "Convertible Debenture") of the Company. If the filings necessary to create the Preferred Shares are not made, nor the Convertible Debentures issued, by February 28, 2006, the holders of the Subscription Receipts will be entitled to receive a return of their subscription price together with a pro rata share of any interest earned thereon.

The gross proceeds of the Offering are being held by an escrow agent and invested in short term obligations of, or guaranteed by, the Government of Canada (and other approved investments) until the earlier of the issuance of the Preferred Shares or the Convertible Debentures at which time the escrowed funds and any interest thereon will be delivered to the Company. Once delivered to the Company, the proceeds of the Offering will be used to fund equipment and other capital expenditures (including acquisitions) and for general corporate purposes.

The TSX Venture Exchange has conditionally approved the issuance of the Subscription Receipts subject to the filing of final documents.

Forward-Looking Statements

Certain statements in this news release may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to pipeline and facilities construction and maintenance services associated with the oil and gas industry and the domestic and worldwide supplies and commodity prices of oil and gas. These risks and uncertainties may cause results to differ from information contained herein. There can be no assurance that such forward-looking statements will prove to be accurate. Further information regarding the risks and uncertainties affecting the Company are described in its "Management Discussion and Analysis" dated November 24, 2006, under "Risks and Uncertainties" which is available at www.sedar.com.

This press release is not an offer of securities for sale in the United States. The Company's securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such laws.

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

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