Unbridled Energy Corporation
TSX VENTURE : UNE
FRANKFURT : O4U
OTC Bulletin Board : UNEFF

Unbridled Energy Corporation

May 09, 2008 08:30 ET

Unbridled Energy Corporation Closes Private Placement

CALGARY, ALBERTA and PITTSBURGH, PENNSYLVANIA--(Marketwire - May 9, 2008) - Unbridled Energy Corporation (TSX VENTURE:UNE)(OTCBB:UNEFF)(FRANKFURT:O4U) (the "Company") is pleased to announce that it has closed its private placement financing described in its news release of May 1, 2008. The closing consisted of the private placement of a total of 19,964,350 units (the "Units") at a price of $0.30 per Unit and 5,435,300 flow-through shares (the "Flow-Through Shares") at a price of $0.33 per Flow-Through Share for gross proceeds of CDN$7,782,954 (the "Offering"). Each Unit comprises one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable for a period of 18 months from the closing date to acquire one additional common share at a price of $0.45 per share. The net proceeds from the sale of flow-through common shares will be used to incur exploration and development expenses which qualify as CEE under the Income Tax Act (Canada). A pivotal placee in the offering was Sprott Asset Management who now holds through shares and warrants, 19.3% of Unbridled's outstanding shares.

In connection with the Offering, the Company paid finders' fees to arm's length persons who introduced subscribers to the Offering of $369,791 in cash and 477,884 finders' warrants (the "Finders' Warrants"), with each Finders' Warrant being valued for conversion purposes at $0.15 per Finders' Warrant. Each Finders' Warrant will be exercisable for a period of 18 months from the closing date to acquire one common share of the Company at a price of $0.45 per share. The common shares issued in respect of the Units and Flow-Through Shares and any shares issuable upon the exercise of the Warrants and Finders' Warrants are subject to a four month hold period expiring on September 8, 2008.

The TSX Venture Exchange has conditionally approved the closing of the Offering subject to the filing of final documents.

The securities issued under the Offering have not been registered under the United States Securities Act of 1933 (as amended) or any state securities laws, and unless so registered may not be offered or sold in the United States or to U.S. Persons, except pursuant to an exemption from, or in a transaction subject to, the registration requirements of the Securities Act of 1933 (as amended) and applicable state securities laws. This press release is issued pursuant to Rule 135(c) of the Securities Act of 1933 (as amended), and does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Unbridled Energy Corporation

Joseph H. Frantz Jr., President & CEO

Forward-Looking Statements

This press release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation, relating to the proposed Offering (as defined above). Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, the Company's inability to secure subscriptions from investors to complete the proposed Offering in whole or in part, a management decision to change its plans relating to the Offering, and the other risk factors associated with the Company's business discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators, including the Company's annual MD&A dated April 28, 2008, and its filings with the U.S. Securities and Exchange Commission, including the Company's Form 20-F.

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

Contact Information

  • Unbridled Energy Corporation
    Mark Mastilliak
    Investor Relations Consultant
    1-800-940-6781
    Website: www.unbridledenergy.com