CALGARY, ALBERTA--(Marketwired - March 19, 2014) -
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Spartan Energy Corp. (TSX VENTURE:SPE) ("Spartan" or the "Corporation") is pleased to announce the completion of its previously announced rights offering to shareholders of Spartan (the "Rights Offering"). Under the rights offering, holders of common shares of Spartan ("Common Shares") subscribed for and purchased an aggregate of 2,153,633 Common Shares at a price of $0.60 per Common Share (after taking into account the effects of the consolidation of the Common Shares which took effect on February 28, 2014), resulting in gross proceeds to the Corporation of approximately $1.3 million. The proceeds of the Rights Offering will be used by the Corporation for capital expenditures, including funding a portion of the Corporation's 2014 drilling program, and for general corporate purposes.
Spartan Energy Corp. is a Calgary, Alberta based company engaged in the oil and gas exploration and development industry. The Corporation's Common Shares are listed on the TSX Venture Exchange under the trading symbol "SPE".
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions and estimates. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Spartan.
Forward-looking statements are subject to a wide range of risks and uncertainties, and although Spartan believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.
Any number of important factors could cause actual results to differ materially from those in the forward -looking statements including, but not limited to, regulatory and third party approvals not being obtained in the manner or timing anticipated, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by Spartan with securities regulatory authorities.
Except as required by applicable laws, Spartan does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.