Seaview Energy Inc.
TSX VENTURE : CVU.A
TSX VENTURE : CVU.B

Seaview Energy Inc.

May 06, 2008 08:07 ET

Seaview Energy Inc. Announces Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - May 6, 2008) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Seaview Energy Inc. (TSX VENTURE:CVU.A)(TSX VENTURE:CVU.B) ("Seaview or the Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Dundee Securities Corporation and including GMP Securities L.P., Macquarie Capital Markets Canada Ltd., Blackmont Capital Inc. and FirstEnergy Capital Corp. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase on a "bought-deal" private placement basis 2,326,000 Class A Shares to be issued on a "flow through" basis ("Flow Through Shares") at a price of $2.15 per Flow Through Share for gross proceeds of $5,000,900. Seaview has also granted the Underwriters an option to purchase up to an additional 466,000 Flow Through Shares for additional gross proceeds of $1,001,900.

Gross proceeds from the sale of the Flow Through Shares will be used to fund ongoing exploration activities that will qualify as Canadian Exploration Expense, which will be renounced to the subscribers for the 2008 taxation year.

The Offering is scheduled to close on or about May 29, 2008 and is subject to all necessary regulatory and stock exchange approvals. The Flow Through Shares will be subject to a four month hold period from the date of closing of the private placement.

Seaview is a Calgary, Alberta based company engaged in the exploration, development and production of conventional crude oil and natural gas reserves in Canada. Seaview's strategy is to build shareholder value through a balance of exploration and development drilling complimented by a focused acquisition program. Seaview's initial core focus area is in the Peace River area of northwest Alberta.

The securities being offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, for the account or benefit of, U.S. Persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States.

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

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