Next Millennium Commercial Corp.

April 22, 2008 17:08 ET

Next Millennium Closes Acquisition and $6 Million Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - April 22, 2008) - Next Millennium Commercial Corp. ("Next Millennium") (TSX VENTURE:NM) has closed a brokered private placement of 12,000,000 units (the "Units") at a price of $0.50 per Unit (the "Offering"). Each unit is comprised of one common share and one warrant. Each warrant is exercisable into one additional common share at $1.00 per share until April 22, 2009. The shares and warrants are subject to a hold period which expires August 23, 2008. Canaccord Capital Corporation ("Canaccord") acted as lead agent for this Offering.

Canaccord received a commission of seven percent (7%) of gross proceeds which was paid in cash and Units. Next Millennium also issued agents' warrants equal to five percent (5%) of the Units sold under the Offering and a corporate finance fee which was paid in Units. All shares and warrants issued to the selling group are subject to a hold period which expires August 23, 2008.

Next Millennium has also closed its acquisition of 100% of the issued common shares of Roadrunner Oil & Gas Inc. ("ROG"). ROG was acquired for $600,000 cash and an obligation to issue up to 12,500,000 performance shares in the event that ROG held lands begin producing and meet certain hydrocarbon production milestones within five years from the date of acquisition. 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. ROG's acreage position is distributed over several prospects, leasing is ongoing and three wells are scheduled for drilling in mid 2008.

Net proceeds from the Offering will be used to fund Next Millennium's acquisition of ROG, to acquire additional exploration leases in the Michigan basin and to complete exploration of prospects identified on ROG leased lands.

Final TSX-V approval has been received for both the acquisition of ROG and closing of the brokered private placement.

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) 640-3702
    (905) 248-5353 (FAX)