Ithaca Engages Companies for $70MM Offering

Ithaca Energy Inc. has engaged RBC Capital Markets and Tristone Capital Inc. to act as joint bookrunners of a marketed offering of common shares of the Company. Aggregate gross proceeds from the Offering are anticipated to be approximately US$70,000,000.

The Shares will be offered in all of the provinces of Canada (excluding Quebec) by way of short form prospectus and in the United Kingdom and the United States on a private placement basis. A preliminary short form prospectus with respect to the Offering has been filed with the securities regulatory authority in each of the provinces of Canada (excluding Quebec).

The Company intends to use the net proceeds of the Offering to fund ongoing Jacky and Athena project development, the completion of the Beatrice and Stella acquisitions and for general working capital purposes.

Closing of the Offering is subject to certain conditions, including, but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the TSX Venture Exchange Inc.).

CEO Lawrie Payne said, "The proceeds of this offering will be used to close the acquisitions of Stella and Beatrice and to fund development expenses related to Jacky and Athena. We believe it will fully fund the company through to first production from Athena assuming Jacky first oil is delivered on schedule and available borrowings under the new debt facility remain in-line with initial estimates."



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