NEWS
RELEASE
October 3, 2007
PEARL ANNOUNCES CDN $100
MILLION
BOUGHT DEAL PRIVATE
PLACEMENT
CALGARY, ALBERTA - Pearl Exploration and
Production Ltd.
("Pearl") (TSX Venture: PXX) is
pleased to announce that it has agreed to sell, on a bought-deal, private placement
basis, an aggregate of 26,666,667 common shares of the Company at a price of Cdn $3.75 per share for gross proceeds of Cdn $100,000,001.
The placement of the common shares will be
underwritten by GMP Securities L.P. Net proceeds of the private placement
will be used to fund the recently announced acquisition of heavy oil assets
from PetroHunter Energy Corporation and the
Company’s ongoing development programs as well as for general working
capital purposes. The private placement is subject to all requisite
regulatory approvals.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities of Pearl within the United States. The securities of Pearl have not been and
will not be registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any state securities laws. Accordingly,
the shares may not be offered or sold in the United
States or to U.S. persons (as such terms are
defined in Regulation S under the 1933 Act) unless registered under 1933 Act
and applicable state securities laws or an exemption from such registration is
available.
Pearl Exploration and Production Ltd. is a
public company focused on delivering disciplined growth by establishing a North
American portfolio of heavy oil projects with an emphasis on large resource
opportunities. Additional information on Pearl is available on the Company’s
website at www.pearleandp.com.
Forward-looking statements: This
document contains statements about expected or anticipated future events and
financial results that are forward-looking in nature and as a result, are
subject to certain risks and uncertainties, such as general economic, market
and business conditions, the regulatory process and actions, technical issues,
new legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events, and the Company’s capability to execute
and implement its future plans. Actual results may differ materially from
those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning
of the Private Securities Legislation Reform Act of 1995.
Pearl’s Certified
Advisor on First North is E.
�hman J:or Fondkommission AB.
For further information, please
contact:
Keith Hill - President and
Chief Executive Officer
Tel.:
(604) 689-7842
Fax:
(604) 689-4250
E-mail:
khill@namdo.com
|
Sophia Shane – Corporate
Development
Tel:
(604) 806-3575
E-mail: sophias@namdo.com
|
The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy of
this release