Zenas Energy Corp.
TSX : ZNS

Zenas Energy Corp.

September 30, 2005 10:01 ET

Zenas Energy Corp. Announces Equity Financing For $42 Million

CALGARY, ALBERTA--(CCNMatthews - Sept. 30, 2005) -

NOT FOR RELEASE IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Zenas Energy Corp. ("Zenas" or the "Company")(TSX:ZNS) is pleased to announce it has priced an offering of 7,500,000 common shares at a price of $5.60 per share to raise gross proceeds of $42,000,000. The Company has entered into an underwriting agreement with a syndicate of underwriters led by Orion Securities Inc. and including Canaccord Capital Corporation, GMP Securities Ltd., Salman Partners Inc., MGI Securities Inc, and Westwind Partners Inc.(collectively, the "Underwriters"). In conjunction with this financing, the Company has filed a final prospectus with the securities regulatory authorities in each of the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario. Closing is expected to occur on or about October 12, 2005.

The net proceeds from the offering will be used to finance the upcoming winter capital program in N.E. British Columbia.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such jurisdiction. Zenas' common shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from the registration requirements of U.S. securities laws.

Zenas is an Alberta-based oil and natural gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas in the Western Canadian Sedimentary Basin and actively trades on Toronto Stock Exchange under the symbol "ZNS".

Contact Information

  • Zenas Energy Corp.
    John R. Rooney
    President and Chief Executive Officer
    (403) 662-2440
    or
    Zenas Energy Corp.
    Hal A. J. Metcalfe
    Vice President, Finance and Chief Financial Officer
    (403) 662-2440