KALLISTO ANNOUNCES CLOSING OF $6.9 MILLION BOUGHT DEAL FINANCING
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Nov. 25 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") is pleased to announce that it has closed a bought deal financing with a syndicate of underwriters (the "Underwriters") led by Acumen Capital Finance Partners Limited and including Canaccord Genuity Corp. and Clarus Securities Inc. (the "Offering") pursuant to which the Underwriters have purchased for resale 8,734,178 units of the Company (the "Units") at a price of $0.79 per Unit for gross proceeds of $6.9 million. Each Unit is comprised of one common share of the Company (the "Common Shares") and one-half Common Share purchase warrant (each whole Common Share purchase warrant a "Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.84 until May 25, 2012. If, commencing December 25, 2010, the 20-day volume weighted average price of the Common Shares on the TSX Venture Exchange is at least $1.01, the Company has the right to give notice of early expiry of the Warrants. The Units were qualified for distribution pursuant to the Company's Short Form Prospectus dated November 16, 2010. Insiders of the Company subscribed for $633,580 (or 9.2%) of the Offering.
Proceeds from the Offering will be used to fund the Company's development projects, primarily at Crossfield, Alberta. Kallisto now has 54,228,478 Common Shares outstanding.
Kallisto is a Calgary-based junior resource company engaged in the exploration, development and production of oil and natural gas in Alberta.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward looking statements within the meaning assigned by National Instrument 51-102 and other relevant securities legislation. In particular these include, but are not limited to, statements with respect to the Offering and the use of proceeds received by Kallisto from the Offering. These statements are based on management's current expectations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Kallisto at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward- looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
NEITHER 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.
For further information:
Robyn Lore
President and Chief Executive Officer
Telephone: (403) 237-9996
Facsimile: (403) 264-0416
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