Storm Exploration Inc.
TSX : SEO

Storm Exploration Inc.

March 06, 2009 08:42 ET

Storm Exploration Inc. Completes $19.6 Million Offering of Common Shares

CALGARY, ALBERTA--(Marketwire - March 6, 2009) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Storm Exploration Inc. (TSX:SEO) ("Storm" or the "Corporation") has closed its previously announced bought deal equity offering (the "Offering"). The syndicate of underwriters for the Offering was led by FirstEnergy Capital Corp., and included GMP Securities L.P., Peters & Co. Limited, Tristone Capital Inc., Wellington West Capital Markets Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Canaccord Capital Corporation. Pursuant to the Offering, 1.85 million common shares of the Corporation were issued at a price of $10.60 per common share for gross proceeds of $19.61 million. Storm presently has 46.5 million common shares issued and outstanding.

Net proceeds from the offering will initially be used to pay down outstanding bank debt, and subsequently to fund Storm's on-going capital expenditures and for general corporate purposes.

The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement of such Act.

FORWARD LOOKING STATEMENTS

The information with respect to Storm contained herein, contains forward-looking statements with respect to Storm's expected use of proceeds from the Offering. These forward-looking statements are based on assumptions and are subject to numerous risks and uncertainties, certain of which are beyond Storm's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency exchange rate fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers, stock market volatility and ability to access sufficient capital. As a result, Storm's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur. In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. Storm does not intend, and does not assume any obligation, to update or revise these forward-looking statements except as required pursuant to applicable securities laws.

Contact Information

  • Storm Exploration Inc.
    Brian P. Lavergne
    President and Chief Executive Officer
    (403) 515-5551
    or
    Storm Exploration Inc.
    Donald G. McLean
    Vice President, Finance and Chief Financial Officer
    (403) 515-5552
    or
    Storm Exploration Inc.
    800, 205 - 5th Avenue SW,
    Calgary, Alberta, Canada
    T2P 2V7
    Website: www.stormexploration.com