Redcliffe Exploration Inc.
TSX VENTURE : RXP.A
TSX VENTURE : RXP.B

Redcliffe Exploration Inc.

April 18, 2008 09:22 ET

Redcliffe Announces Restructuring of Previously Announced Financing

CALGARY, ALBERTA--(Marketwire - April 18, 2008) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Redcliffe Exploration Inc. ("Redcliffe" or the "Corporation") (TSX VENTURE:RXP.A)(TSX VENTURE:RXP.B) announces that the terms of its previously announced agreement with a syndicate of underwriters, led by Northern Securities Inc., and including GMP Securities L.P., Raymond James Ltd. and Emerging Equities Inc. (collectively the "Underwriters"), have been amended. The amended agreement provides that the Corporation will issue 9,090,909 units of the Corporation (the "Units"), on a "bought deal" basis, at $0.55 per Unit, and up to 4,545,455 Flow-Through Shares, on a "best efforts" basis, at a price of $0.66 per Flow-Through Share, for aggregate gross proceeds of up to approximately $8 million. Each Unit is comprised of one (1) Share and one-half (1/2) non-transferable Share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder to acquire an additional Share at an exercise price of $0.70 for a period of twelve (12) months following the closing date of the offering.

Proceeds from the Unit offering will be used to fund the Corporation's ongoing drilling program in its core focus areas and for general corporate purposes. Proceeds from the Flow-Through Share offering will be used to incur qualifying expenditures.

Closing of the offering is expected to occur on or about April 25, 2008, and is subject to the receipt of all requisite regulatory and stock exchange approvals. The securities issued under the offering will be subject to a four month hold period from the date of closing.

Redcliffe is a Calgary, Alberta based company engaged in the exploration for, and development and production of conventional crude oil and natural gas reserves in western Canada. Redcliffe's strategy is to build shareholder value through internally generated exploration and development drilling, and through selective acquisitions. Redcliffe's areas of operational focus include the Peace River Arch and Pembina areas of Alberta.

Forward-Looking Statements: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.

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

Contact Information

  • Redcliffe Exploration Inc.
    Daryl H. Connolly
    President & CEO
    (403) 539-8440
    (403) 539-8433 (FAX)
    Email: dconnolly@redcliffe.ca
    or
    Redcliffe Exploration Inc.
    George Gramatke
    Vice President, Finance & CFO
    (403) 539-8442
    (403) 539-8433 (FAX)
    Email: ggramatke@redcliffe.ca