One Exploration Inc.
TSX VENTURE : OE.A
TSX VENTURE : OE.B

One Exploration Inc.

December 11, 2008 13:42 ET

One Exploration Inc. Announces Closing of Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(Marketwire - Dec. 11, 2008) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

One Exploration Inc. ("OneEx" or the "Corporation") (TSX VENTURE:OE.A)(TSX VENTURE:OE.B) is pleased to announce that is has closed its previously announced equity financing on a bought deal basis with a syndicate of underwriters (the "Underwriters") led by Blackmont Capital Inc. and including Tristone Capital Inc. At closing 5,147,089 Class A common shares were issued on a "flow-through" basis (the "Flow-Through Common Shares") pursuant to the Income Tax Act (Canada) at a price of $0.68 per Flow-Through Common Share for gross proceeds of approximately $3.5 million. The Underwriters received a fee equal to 6% of the gross proceeds raised pursuant to the financing.

The net proceeds received by OneEx from the sale of the Flow-Through Common Shares will be used to incur eligible Canadian Exploration Expenses which will be renounced in favor of the holders for the 2008 taxation year.

The Flow-Through Common Shares will be subject to a four-month hold period in accordance with applicable securities laws.

About One Exploration Inc.

OneEx continues to assemble a large inventory of prospects and opportunities ranging from lower risk recompletions and tie-ins to higher impact exploration drilling. Ultimately, the ability to high grade and rank opportunities based on either commodity pricing or risk tolerance places the Corporation in an advantageous position to demonstrate meaningful growth to our shareholders. The Corporation regularly updates its corporate presentation on its website at www.one-ex.ca.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

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

Contact Information

  • One Exploration Inc.
    Walter Vrataric
    President & Chief Executive Officer
    (403) 781-2752
    (403) 232-8463 (FAX)
    or
    One Exploration Inc.
    Dennis Ward
    Vice President, Finance & Chief Financial Officer
    (403) 781-2756
    (403) 232-8463 (FAX)
    Website: www.one-ex.ca