Cirrus Cinched 'Bought Deal' Financing

Cirrus Energy Corporation has closed its previously announced short form prospectus offering of common shares of the Company through a syndicate of underwriters led by Tristone Capital Inc. and including BMO Nesbitt Burns Inc. and FirstEnergy Capital Corp., resulting in gross proceeds of $54.6 million.

The Offering consisted of 12.0 million Common Shares issued at a price of $4.55 per Common Share. The Company intends to use the estimated net proceeds of approximately $51.6 million from the Offering to fund the exploration, appraisal and development drilling on the K10-Bravo Oil Field as well as drilling on other North Sea oil and gas assets. The Offering included 1.0 million Common Shares which were issued upon the exercise, in full, of an over-allotment option which was granted by the Company to the Underwriters.