Wavefire announces $2.4 million financing

    
              /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
                     DISTRIBUTION TO U.S. WIRE SERVICES/TSXV: WAF.H
    Shares Outstanding: 19,596,020
    

CALGARY , Dec. 21 /CNW/ - Wavefire.com Ltd. (the "Company") (TSXV-WAF.H) is pleased to announce that it proposes to undertake a non-brokered private placement to raise $2.4 million . The Company proposes to issue 40,000,000 units at a price of $0.06 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share for a period of 24 months at an exercise price of $0.10 per share. The securities will be subject to a four month hold period. Insiders of the Company may purchase up to 10,000,000 units.

The proceeds of the financing will be used to fund the drilling of three test wells in the Acadia Area of Alberta. The Company has the right under a farm-in agreement to earn 100% interest (subject to existing encumbrances) in the drill spacing unit and an 85% interest in the balance of the three sections of land in the Acadia Area lands by incurring 100% of the drilling and abandonment costs on the lands. Drilling commenced on December 2nd and results are expected on or about the end January 2010 .

The Company also announces that it proposes to settle $250,000 of debt owed to an insider by the issuance of 4,166,667 shares at a deemed price of $0.06 per share.

The proceeds of the financing will also be used to support the Company's application for reactivation on the TSX Venture Exchange. The closing of the financing and debt settlement are subject to a number of conditions including shareholder and regulatory approval.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the closing of the financing, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

For further information: Wavefire.com Ltd., Vic Redekop, Chairman, Tel: [phone]