Sierra Vista Energy Ltd.
TSX VENTURE : SVR.A
TSX VENTURE : SVR.B

Sierra Vista Energy Ltd.

November 22, 2006 14:42 ET

Sierra Vista Announces Filing of Final Prospectus

CALGARY, ALBERTA--(CCNMatthews - Nov. 22, 2006) -

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

Sierra Vista Energy Ltd. (TSX VENTURE:SVR.A) (TSX VENTURE:SVR.B) ("Sierra Vista" or the "Corporation"), confirms the pricing and filing of a final short form prospectus (the "Prospectus") on November 21, 2006 qualifying the distribution (the "Offering") by the Corporation of: (a) up to 4,475,000 Units at a price of $0.80 per Unit where each "Unit" consists of: (i) one class A share (a "Common Share") and (ii) one Common Share purchase warrant (a "Warrant"); and (b) up to 1,675,000 Common Shares issued on a Canadian development expenditure flow-through basis (the "Flow-Through Shares") at a price of $0.85 per Flow-Through Share. Each full Warrant will entitle the holder to acquire one Common Share at an exercise price of $1.25 per share at any time until 4:00 p.m. (MDT) on December 15, 2007.

In addition, the Corporation has agreed to grant to the Agents an over-allotment option (the "Over-Allotment Option") exercisable at any time until 4:00 p.m. (MDT) on the 30th day following November 27, 2006 to offer for sale, at a price of $0.80 per Unit, that number of Units equal to up to 15% of the Units issued by the Corporation at the time of closing of the Offering (the "Over-Allotment Units").

The Corporation has also agreed to grant the Agents a non-transferable option to acquire, at a price of $0.80 per Common Share and at any time until 4:00 p.m. (MDT) on December 15, 2007, that number of Common Shares equal to 5% of the aggregate number of Units, Flow-Through Shares and Over-Allotment Units issued by the Corporation at the time of closing of the Offering.

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

Contact Information

  • Sierra Vista Energy Ltd.
    Mr. Mark Malouin
    President & CEO
    (403) 265-9393 ext 201
    (403) 265-9224 (FAX)
    Suite 850, 101- 6th Avenue SW
    Calgary, Alberta T2P 3P4
    or
    Sierra Vista Energy Ltd.
    Mr. Bruce Stewart
    Chief Financial Officer
    (403) 265-9393 ext 205
    (403) 265-9224 (FAX)
    Suite 850, 101- 6th Avenue SW
    Calgary, Alberta T2P 3P4