Next Millennium Commercial Corp.

March 03, 2008 17:49 ET

Next Millennium Announces Acquisition and $12 Million Private Placement Financing

TORONTO, ONTARIO--(Marketwire - March 3, 2008) - Next Millennium Commercial Corp. ("Next Millennium") (TSX VENTURE:NM) has entered into an acquisition agreement to acquire all of the issued common shares of Roadrunner Oil & Gas Inc. ("ROG"). ROG is a private Canadian company which has assembled an initial acreage position of approximately 5,000 acres in the Michigan Basin in order to test the concept that, properly stimulated, certain oil and gas bearing, but generally non-productive formations may be caused to yield hydrocarbons at commercially attractive rates. The initial acreage position is distributed over several prospects; leasing is ongoing and three wells are scheduled for drilling in mid 2008 to test the concept. Next Millennium is acquiring ROG for $600,000 cash and an obligation to issue up to 12.5 performance shares in the event that ROG held lands begin producing and meet certain hydrocarbon production milestones within five years from the date of Next Millennium's acquisition.

Next Millennium is undertaking a private placement of 24,000,000 units at $0.50 per unit to raise gross proceeds of $12 million (the "Offering"). $6 million of the Offering will be brokered. Each unit will be comprised of one common share and one warrant which will be exercisable into one additional common share at $1.00 per share for a period of one year from closing of the private placement. Proceeds from the private placement will be used to fund Next Millennium's acquisition of ROG, to acquire additional exploration leases and to complete exploration of prospects to be identified on ROG leased lands.

Next Millennium has granted stock options to employees, directors and consultants to acquire up to 1,500,000 common shares at a price of $0.62 per share for a period of five years.

Next Millennium is an oil and gas exploration and development company. Next Millennium's shares are listed on Tier 2 of the TSX Venture Exchange under the symbol "NM".

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

Contact Information

  • Next Millennium Commercial Corp.
    Michael Curtis
    President and Chief Executive Officer
    (416) 640-3709
    (416) 248-5353 (FAX)
    Next Millennium Commercial Corp.
    210 - 181 University Avenue
    Toronto, Ontario M5H 3M7