Wave Energy Ltd.

June 11, 2007 15:26 ET

Wave Energy Ltd. Announces $25 Million Private Equity Financing

CALGARY, ALBERTA--(Marketwire - June 11, 2007) - Wave Energy Ltd. ("Wave") is pleased to announce a private placement equity financing for $25 million at a price of $2.00 per share. The funds will be provided by KERN Energy Partners II Fund. In addition, employees, management and directors of Wave will purchase up to 1 million shares at $2.00 per share. Closing of the financing is expected to occur by June 29, 2007 and the proceeds will be used to fund Wave's exploration, development and acquisition activities. Concurrent with the closing, (Jim) Johannes J. Nieuwenburg will be appointed to the Board of Directors of Wave as KERN Energy Partners II Fund's representative.

Wave Energy Ltd. is a private oil and gas exploration, development and production company located in Calgary, Alberta.

KERN Partners is a leading independent energy sector private equity group that makes investments in early stage and emerging energy companies, with a focus on Canadian energy sector resource development. KERN Energy Partners I and II Funds (KEP) have $680 million of committed capital from a group of limited partners that includes leading North American pension funds, university endowments, institutions and family offices. KEP has an active co-investment program with its limited partners.

Contact Information

  • Wave Energy Ltd.
    Donald J. Rae
    President & CEO
    (403) 262-9283
    Wave Energy Ltd.
    Rick Miller
    VP Finance & CFO
    (403) 262-9283