Rolland Energy has completed private placements of common shares and warrants, for aggregate gross proceeds to the Corporation of $628,569.
An aggregate of 10,155,065 common shares were issued, of which 6,040,789 were "flow-through" shares issued at $0.07 per share and 4,114,276 were non-"flow-through" shares issued at $0.05 per share. In addition, 10,155,065 common share purchase warrants were issued, of which 2,857,140 warrants expire on December 29, 2009 and 7,297,925 warrants expire on January 1, 2009. Each warrant entitles the holder thereof to acquire on additional non-"flow-through" common share of the Corporation at a price of $0.10 per share.
"In raising these funds, the Corporation has completed the first phase of the recapitalization under the Corporation's previously announced restructuring plan" said Michael McLellan, President and Chief Executive Officer of the Corporation. "In combination with the private placement that closed on October 19, 2007, the Corporation has attracted the capital to assure the short-term viability of the Corporation and has started building shareholder value by investing to increase the Corporation's revenue-generating asset base", added Mr. McLellan.
In connection with the private placements, insiders of the Corporation invested an aggregate of $5,001 and the Corporation paid finder's fees of an aggregate of $27,244 to various arms-length persons.
Under applicable securities laws and the policies of the TSX Venture Exchange, all securities issued in connection with these private placements are subject to a four-month hold.
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