TriOil Resources Ltd.
TSX VENTURE : TOL

July 07, 2010 09:41 ET

TriOil Announces Increase to Flow-Through Financing to $15.0 Million

CALGARY, ALBERTA--(Marketwire - July 7, 2010) -

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

TriOil Resources Ltd. ("TriOil" or the "Company")(TSX VENTURE:TOL) is pleased to announce that, in connection with its previously announced Flow-Through offering, the Company and the syndicate of underwriters led by National Bank Financial Inc., and including GMP Securities L.P., Clarus Securities Inc., Canaccord Genuity Corp., Wellington West Capital Markets Inc., and Haywood Securities Inc. (collectively the "Underwriters"), have agreed to increase the size of the offering to 3,125,000 flow-through common shares of TriOil (the "Flow-Through Shares"). Under the revised terms, the Underwriters have agreed to purchase, on a bought deal basis, an aggregate of 3,125,000 Flow-Through Shares at a price of $4.80 per Flow-Through Share, for aggregate gross proceeds of $15,000,000.

TriOil will use the net proceeds to accelerate its Cardium light oil exploration program at Lochend, Alberta incurring expenditures eligible for Canadian exploration expenses which will be renounced to subscribers of the flow-through common shares effective on or before December 31, 2010.

Closing is anticipated to occur on or about July 28, 2010 (the "Closing Date"). Closing is conditional upon customary conditions for transactions of this type, including the receipt of all necessary regulatory and third party approvals, including the approval of the TSX Venture Exchange.

TriOil Resources Ltd. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. TriOil has approximately 22.2 million common shares issued and outstanding (23.7 million fully diluted). The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.

Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements which include, but are not limited to, the timing of Closing and the receipt of the required regulatory and third party approvals.

The forward-looking statements are based on certain key expectations and assumptions made by TriOil. Although TriOil believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because TriOil can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

The forward-looking statements contained in this press release are made as of the date hereof and TriOil undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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 release.

Contact Information

  • TriOil Resources Ltd.
    Russell J. Tripp
    President & CEO
    (403) 781-2771