Ithaca intends to use the net proceeds of this offering to fund development of its Athena and Jacky oil projects, exploration on its UK exploration assets and to fund general working capital. The common shares issued pursuant to this offering will commence trading on the TSX Venture Exchange today.
Ithaca has made an application to the London Stock Exchange for 27,400,000 new shares to be admitted to trading on AIM and admission is expected to take place on November 26, 2007. Following the issue of these shares, the total number of shares in issue will be 111,704,475.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to U.S. buyers on a private placement basis pursuant to an applicable exemption from registration requirements in Rule 144-A or Regulation D of the United States Securities Act of 1933, as amended.
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