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Press release from Marketwire

Spartan Oil Corp. Announces Closing of Previously Announced Financing

Thursday, March 08, 2012

Spartan Oil Corp. Announces Closing of Previously Announced Financing10:02 EST Thursday, March 08, 2012CALGARY, ALBERTA--(Marketwire - March 8, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO) is pleased to announce completion of the previously announced bought deal financing of 13,068,600 special warrants of the Company ("Special Warrants") at an issue price of $4.40 per Special Warrant, including 1,704,600 Special Warrants pursuant to the fully exercised over-allotment option, with a syndicate of underwriters led by Clarus Securities Inc. and including GMP Securities L.P., Peters & Co. Limited, AltaCorp Capital Inc. and Scotia Capital Inc. for gross proceeds of $57,501,840 (the "Bought Deal Financing").Each Special Warrant will entitle the holder thereof to receive one common share (a "Common Share") of Spartan on the earlier of the date that is: (a) July 9, 2012, and (b) the day on which a receipt is issued for a final prospectus by the securities regulatory authorities in each of the provinces where the Special Warrants were sold qualifying the distribution of the Common Shares issuable upon the exercise of the Special Warrants. Spartan shall use its commercially reasonable efforts to obtain such receipt as soon as practicable, however, in the event that a receipt is not issued on or before May 7, 2012, each Special Warrant will entitle the holder thereof to 1.1 Common Shares. Until the receipt is issued for such prospectus, the Special Warrants will be subject to a four month hold period under applicable Canadian securities laws.Net proceeds of the Bought Deal Financing will be used to fund the Company's drilling operations and for general corporate purposes.This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.The Company is engaged in the business of acquiring crude oil and natural gas properties and exploring for, developing and producing oil and natural gas in western Canada. Spartan is uniquely positioned with a significant position in two of the leading oil resource plays in western Canada, being the Cardium light oil play in central Alberta and the Bakken light oil resource play in southeast Saskatchewan.READER ADVISORYThis press release contains certain forward-looking statements (forecasts) under applicable securities laws relating to future events or future performance. Forward-looking statements are necessarily based upon assumptions and judgements with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather, the regulatory and legal environment and other risks associated with oil and gas operations. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of Spartan. Undue reliance should not be placed on these forward-looking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.FOR FURTHER INFORMATION PLEASE CONTACT: Richard F. McHardySpartan Oil Corp.President & CEO(403) 457-4006(403) 457-4028 (FAX)ORMichelle A. WigginsSpartan Oil Corp.Vice President Finance & CFO(403) 457-4006(403) 457-4028 (FAX)info@spartanoil.cawww.spartanoil.caThe Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.