Pacific Rodera Energy Inc.
TSX VENTURE : PRD

Pacific Rodera Energy Inc.

March 14, 2007 19:20 ET

Pacific Rodera Energy Announces Closing of Over-Allotment Option Offering

CALGARY, ALBERTA--(CCNMatthews - March 14, 2007) -

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

Pacific Rodera Energy Inc. (TSX VENTURE:PRD) ("Pacific Rodera" or the "Company") Pacific Rodera today announced that it has completed the private placement sale of 2,379,918 units ("Units") at a price of $0.60 per Unit for gross proceeds of approximately $1.4 million. The sale was completed in connection with the offering announced on February 8, 2007 when Pacific Rodera entered into an agreement with Canaccord Capital Corporation ("Canaccord") under which Canaccord agreed to offer for sale on a best efforts basis up to 41,667,000 Units. On March 1, 2007, Pacific Rodera announced that it had granted Canaccord an option (the "Over-allotment Option") to offer for sale up to an additional 3,333,000 Units at a price of $0.60 per Unit at any time up to 30 days after the closing of the initial private placement. On March 5, 2007, Pacific Rodera announced that it had completed the private placement sale of 42,620,082 Units at a price of $0.60 per Unit for gross proceeds of approximately $25.6 million, of which 953,082 Units were sold upon the part exercise by Canaccord of the Over-allotment Option. Following the sales announced today, Canaccord has exercised the Over-allotment Option in full.

Pacific Rodera intends to use the proceeds of the offering for general corporate purposes.

Subscriptions by Michael Greenwood and other insiders of Pacific Rodera

Of the sales announced today, Michael Greenwood, the Chairman and Chief Executive Officer of Pacific Rodera, subscribed for 475,983 Units for gross proceeds of $285,589 and David Williams, President of Pacific Rodera, subscribed for 166,635 Units for gross proceeds of $99,981. Mr. Greenwood currently owns 20,500,649 common shares or approximately 19.4% of the issued and outstanding common shares.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties, and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

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

Contact Information

  • Pacific Rodera Energy Inc.
    Michael Greenwood
    Chairman and Chief Executive Officer
    (403) 234-0501
    or
    Pacific Rodera Energy Inc.
    David Williams
    President
    (403) 234-0501
    or
    Pacific Rodera Energy Inc.
    Suite 240, 600 - 6th Avenue SW
    Calgary, AB T2P 0S5
    (403) 234-0501
    (403) 234-0511 (FAX)
    Email: info@pacrodera.com
    Website: www.pacrodera.com