Veteran Resources Inc.

Veteran Resources Inc.

June 30, 2005 08:21 ET

Veteran Announces Bought Deal Financing

CALGARY, ALBERTA--(CCNMatthews - June 30, 2005) - Veteran Resources Inc. (TSX:VTI) announces that it has entered into an agreement with Canaccord Capital Corporation ("Canaccord") for the issuance of flow-through common shares on a private placement bought deal basis. The offering will consist of 3,000,000 flow-through common shares at $1.55 per share for gross proceeds of $4,650,000. In addition, Veteran has granted Canaccord an over-allotment option to sell, at the closing, up to an additional 1,000,000 flow-through common shares for additional proceeds of $1,550,000, which, if fully exercised, would increase the total proceeds of the financing to $6,200,000.

The net proceeds of the offering are intended to be utilized primarily for an exploration program in the Company's Peace River Arch focus area and for continued exploration on its current properties.

Completion of the financing is subject to certain conditions, including receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. The offering is expected to close on or about July 19, 2005. The securities will not be offered for sale in the United States.

Contact Information

  • Veteran Resources Inc.
    Philip J. Loudon
    President and Chief Executive Officer
    (403) 699-8629
    Veteran Resources Inc.
    J. Peter Henry
    Vice President and Chief Financial Officer
    (403) 699-8632