Anterra to Complete Private Placement
Anterra Energy Inc. intends to complete a private placement of up to 4 million units of Anterra at CAD $0.85 per Unit for aggregate gross proceeds of up to CAD $3.4 million. Each Unit consists of one Class A share and one-half of one purchase warrant of Anterra. Each whole Warrant will entitle the holder to purchase one Share at an exercise price of $1.10 per Share for a period of 12 months from the date of closing of the Offering. Sprott Asset Management Inc. of Toronto as agent intends to subscribe for 3,529,400 Units of the Offering for gross proceeds of approximately $3 million. Evergreen Capital Partners Inc. has been retained as sole exclusive agent on the Offering, which is scheduled to close on or before November 13, 2007.
Net proceeds of the private placement are expected to be used to fund further drilling of Anterra's Judy Creek project where the company recently announced an oil discovery, as well as for general working capital purposes. The private placement is subject to all requisite regulatory approvals and the securities issued pursuant to the private placement will be subject to a 4-month hold period.