SilverBirch Energy Corporation
TSX VENTURE : SBE

SilverBirch Energy Corporation

November 23, 2010 16:31 ET

SilverBirch Energy Corporation Announces $13.34 Million Flow-Through Share Offering

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2010) -

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SilverBirch Energy Corporation (TSX VENTURE:SBE) ("SilverBirch" or the "Corporation") announces today that it has entered into a private placement flow-through common share financing agreement, on a bought deal basis, with a syndicate of underwriters, led by RBC Capital Markets as sole bookrunner. Under this agreement, SilverBirch will issue from treasury 1,450,000 common shares on a flow-through basis at a price of $9.20 per share for gross proceeds of approximately $13.34 million. The flow-through common share offering is scheduled to close on or about December 13, 2010, and is subject to regulatory approval and completion of definitive documentation. SilverBirch intends to use the net proceeds from the private placement to further delineate and define its oil sands properties through the drilling of additional core holes which represents the majority of its near term capital requirements. 

About SilverBirch

SilverBirch Energy Corporation is a pre-production oil sands company headquartered in Calgary, Alberta, Canada. SilverBirch has a rich portfolio of mining and in situ oil sands properties, including 50% ownership of the Frontier and Equinox Projects. To learn more, please visit www.silverbirchenergy.com.

Forward Looking Information

This press release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the proposed use of proceeds of the offering and future enhancements to the Corporation's reserve and resource base with the anticipated results thereof. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of oil sands properties, the possibility that SilverBirch may not be able to obtain the necessary approvals to proceed with the offering, difficulties or delays in start-up operations, the uncertainties involved in interpreting drilling results and other geological data, fluctuating oil prices, the possibility of unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors including unforeseen delays. As an oil sands enterprise in the development stage, SilverBirch faces risks including those associated with exploration, development, start-up, approvals and the ability to access sufficient capital from external sources. For a description of the risks and uncertainties facing SilverBirch and its business and affairs, readers should refer to UTS's Annual Information Form for the year ended December 31, 2009. SilverBirch undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

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Contact Information

  • SilverBirch Energy Corporation
    Howard J. Lutley
    President and Chief Executive Officer
    403-538-7030