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

Redcliffe Exploration Inc.

June 07, 2007 14:01 ET

Redcliffe Closes Financing for Gross Proceeds of $7.05 Million

CALGARY, ALBERTA--(Marketwire - June 7, 2007) -

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

Redcliffe Exploration Inc. (TSX VENTURE:RXI.A) (TSX VENTURE:RXI.B) ("Redcliffe") is pleased to announce that is has closed its previously announced "bought deal" financing for proceeds of $5,000,000. In addition, the underwriters exercised their over-allotment option for additional gross proceeds of $2,050,000, bringing the total gross proceeds from the offering to $7,050,000. The offering consisted of the private placement of 7,833,334 "flow-through" Class A shares at $0.90 per share, which will be subject to a four month hold period expiring on October 8, 2007. The offering was completed by a syndicate of underwriters led by Northern Securities Inc. and included GMP Securities L.P., Raymond James Ltd., Dundee Securities Corporation, Bolder Investment Partners, Ltd. and Emerging Equities Inc.

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 Pembina and Peace River Arch 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