Serica Energy Raises $11.7 Million Through Warrant Exercise

Serica Energy Corporation (TSX Venture: SQZ) reports that warrant holders have exercised 11,008,364 warrants at &1.00 per share, 95% of the original total. In addition, 1,098,915 broker warrants at $0.70 per share were exercised. Serica received a total of $11,777,604.

The Company said proposals will be directed primarily towards exploration / appraisal drilling at its natural gas projects in Indonesia and the British sector of the North Sea, as well as general corporate purposes.

The warrants were issued in connection with a Serica financing in November, 2003 by Canaccord Capital Corporation. The Company now has 73,353,550 shares outstanding.