Mirage Energy Ltd.
TSX VENTURE : MGE
PINK SHEETS : MRGYF

Mirage Energy Ltd.

June 07, 2007 13:53 ET

Mirage Energy Announces Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - June 7, 2007) - Mirage Energy Ltd. (TSX VENTURE:MGE) (PINK SHEETS:MRGYF) ("Mirage" or the "Company is pleased to announce that, subject to regulatory approvals, it intends to issue, on a non-brokered private placement basis (the "Private Placement"), up to 3,333,333 units ("Units") of the Company at a price of $0.55 per Unit, each Unit comprised of one common share issued on a "flow-through" basis and renounced to subscribers as Canadian Development Expenses (a "CDE Flow Through Share") pursuant to the Income Tax Act (Canada) and one CDE Flow Through Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire, at any time prior to January 18, 2008, one CDE Flow Through Share upon payment to the Company of $0.65.

Proceeds of the Private Placement will be used to fund general expenditures related to Mirage's development and exploration of its oil and natural gas properties.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Mirage is a newly formed junior oil and gas company focused on the exploration and development of oil and gas in western Canada.

READER ADVISORY

Statements in this press release may contain forward-looking statements including expectations with respect to future events and the actions of third parties. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, adequate available financing and health, safety and environmental factors), commodity price and exchange rate fluctuation and uncertainties.

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

Contact Information

  • Mirage Energy Ltd.
    Rene LaPrade
    President and CEO
    (403) 232-1359
    Email: rene@mirage-energy.ca
    or
    Mirage Energy Ltd.
    Peter J. Boswell
    Chairman
    (403) 232-1359
    Email: petebos@telusplanet.net
    or
    Mirage Energy Ltd.
    800, 510 - 5th Street S.W.
    Calgary, Alberta T2P 3S2