The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Storm Resources Ltd. Announces Closing of $23.7 Million Bought Deal Financing and $5.6 Million Non-Brokered Financing

Wednesday, May 01, 2013

Storm Resources Ltd. Announces Closing of $23.7 Million Bought Deal Financing and $5.6 Million Non-Brokered Financing

08:44 EDT Wednesday, May 01, 2013

CALGARY, ALBERTA--(Marketwired - May 1, 2013) -

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 LAWS.

STORM RESOURCES LTD. ("Storm") (TSX VENTURE:SRX) is pleased to announce that it has completed its previously announced bought deal financing for aggregate gross proceeds of $23,650,400 (the "Bought Deal Financing"). Pursuant to the Bought Deal Financing, Storm, through a syndicate of underwriters led by FirstEnergy Capital Corp. and including National Bank Financial Inc., Peters & Co. Limited, Macquarie Capital Markets Canada Ltd., and RBC Capital Markets Inc., issued 12,580,000 common shares of Storm ("Common Shares") at a price of $1.88 per Common Share.

In addition, Storm completed its previously announced non-brokered financing to certain investors identified by Storm, including directors, officers, and employees of Storm, for aggregate gross proceeds of $5,640,000 (the "Non-Brokered Financing"). Pursuant to the Non-Brokered Financing, Storm issued 3,000,000 Common Shares at a price of $1.88 per Common Share.

In the aggregate, pursuant to the Bought Deal Financing and the Non-Brokered Financing, Storm issued 15,580,000 Common Shares, at a price of $1.88 per Common Share, for aggregate gross proceeds of $29,290,400.

Storm began operations in August 2010, is headquartered in Calgary, Alberta and is active in the Horn River Basin and Umbach areas of north eastern British Columbia, and in the Grande Prairie area of north western Alberta.

READER ADVISORIES

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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:
Storm Resources Ltd.
Brian Lavergne
President and Chief Executive Officer
(403) 817-6145


Storm Resources Ltd.
Donald McLean
Chief Financial Officer
(403) 817-6145


Storm Resources Ltd.
Carol Knudsen
Manager, Corporate Affairs
(403) 817-6145
www.stormresourcesltd.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

Digital Business Solutions
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections