Wild Stream Exploration Inc.
TSX VENTURE : WSX

March 09, 2011 08:28 ET

Wild Stream Exploration Inc. Announces the Closing of Its Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - March 9, 2011) -

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

Wild Stream Exploration Inc. ("Wild Stream" or the "Company") (TSX VENTURE:WSX) is pleased to announce it has closed its previously announced bought deal financing (the "Offering"), through a syndicate of underwriters co-led by Peters & Co. Limited and National Bank Financial Inc., and including FirstEnergy Capital Corp., Paradigm Capital Inc., CIBC World Markets Inc., GMP Securities L.P. and Desjardins Securities Inc. (collectively, the "Underwriters"). The Offering consisted of 7,700,000 common shares (including 700,000 common shares that were issued pursuant to the exercise of the Underwriters' over-allotment option, which was exercised in full) issued at a price of $10.85 for aggregate gross proceeds of $83.5 million.

The net proceeds of the Offering will be used to initially reduce bank indebtedness under Wild Stream's credit facility, and for general working capital purposes. With the completion of the Offering, Wild Stream plans to increase its previously announced 2011 capital budget of $95 million by an additional $25 million, the majority of which will be directed to Wild Stream's Shaunavon property. 

WARNING

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States absent registration or applicable exemption from those registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. The use of any of the words "current", "scheduled", "will", "prior to", "estimate", "anticipate", "believe", "potential", "should", "forecast", "future", "continue", "may", "expects", "project", and similar expressions are intended to identify forward-looking statements. Specifically, this press release contains forward-looking statements regarding the use of proceeds of the Offering and the increase of Wild Stream's capital budget. The forward looking statements contained herein are based on certain assumptions of management, including, but not limited to, assumptions regarding: the use of proceeds of the Offering; Wild Stream's future work programs; the timing and amount of capital expenditures; future commodity prices and royalty rate; and the availability of drilling and related equipment. 

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. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in Wild Stream's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this document are made as of the date hereof and Wild Stream 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

  • Wild Stream Exploration Inc.
    Neil Roszell, P.Eng.
    President and Chief Executive Officer
    (403) 767-1250
    (403) 232-8083 (FAX)
    or
    Wild Stream Exploration Inc.
    Jerry Sapieha, CA
    Vice-President, Finance and CFO
    (403) 767-1265
    (403) 232-8083 (FAX)