One Exploration Inc.

One Exploration Inc.

January 22, 2010 07:54 ET

One Exploration Inc. Announces $20 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Jan. 22, 2010) -


One Exploration Inc. ("OneEx" or the "Company")(TSX VENTURE:OE.A)(TSX VENTURE:OE.B) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc., and including GMP Securities L.P., Wellington West Capital Markets Inc. and Haywood Securities Inc. (collectively the "Underwriters"), which have agreed to purchase, on a bought deal basis, 80,000,000 special warrants of OneEx. at a price of $0.25 per special warrant, for aggregate gross proceeds of approximately $20,000,000.

In addition, the Underwriters have been granted an over-allotment option, which may be exercised upon one day's prior notice provided to the Company at any time prior to closing (the "Closing"), to purchase up to 12,000,000 additional special warrants at a price of $0.25 per special warrant. If the over-allotment is fully exercised, gross proceeds from the offering will be approximately $23,000,000. OneEx will use the net proceeds for its 2010 drilling program and general corporate purposes. Closing is anticipated to occur on February 11, 2010 (the "Closing Date").

Each special warrant will entitle the holder thereof to receive, without the payment of any additional consideration, one Class A common share of the Company on the exercise or deemed exercise of the special warrant. The Special Warrants shall be exercisable by the holders thereof at any time and will be automatically exercised at 5:00 p.m. (Toronto time) on the earlier of the following dates (which are hereinafter referred to as the "Expiry Date"): (i) the fifth day after the date a receipt is issued by the last of the securities regulatory authorities in the Provinces of Alberta, British Columbia, Saskatchewan, Manitoba and Ontario (the "Selling Jurisdictions") for a final prospectus qualifying the securities to be issued upon the exercise of the Special Warrants; and (ii) the date which is 4 months and one day from the Closing Date. The Company shall use its reasonable best efforts to obtain such final receipts by the date which is 45 days from the Closing Date, which date is anticipated to be March 29, 2010. In the event the Company fails to obtain receipts for the final prospectus in all Selling Jurisdictions within 45 days from the Closing Date, each Special Warrant will entitle the holder to acquire 1.1 Class A common shares on exercise or deemed exercise thereof. Closing is conditional upon customary conditions for transactions of this type, including the receipt of all necessary regulatory and third party approvals, including the approval of the TSX Venture Exchange.

One Exploration Inc. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. OneEx has 114.8 million Class A common shares issued and outstanding and 1.3 million Class B common shares issued and outstanding. The Class A common shares of OneEx trade on the TSX Venture Exchange under the symbol OE.A and the Class B common shares of OneEx trade on the TSX Venture Exchange under the symbol OE.B.

Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements which include, but are not limited to, the timing of Closing and the receipt of the required regulatory and third party approvals.

The forward-looking statements are based on certain key expectations and assumptions made by OneEx. Although OneEx believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because OneEx can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

The forward-looking statements contained in this press release are made as of the date hereof and OneEx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • One Exploration Inc.
    Russell J. Tripp
    President & CEO
    (403) 781-2771