Sure Energy Cinches $7MM Private Placement
Sure Energy Inc. has completed its previously announced non-brokered private placement of 4,999,091 common shares in the capital of Sure ("Common Shares") at a subscription price of $1.10 per Common Share and 1,892,907 Common Shares issued on a "flow-through share" basis ("Flow-Through Shares") at a subscription price of $1.32 per Flow-Through Share, for total gross proceeds of approximately $7,997,700.
Sure has paid a commission to certain persons in respect of the gross proceeds raised by each such person.
Certain insiders of Sure have subscribed for Common Shares and Flow-Through Shares under the Offering.
The proceeds from the Offering will be used to increase Sure Energy's 2008 capital budget to $15 million. Sure Energy continues to remain in a strong financial position with $8 million in cash, no debt and an $8.5 million
undrawn credit facility.
The Company is also pleased to announce the drilling of a 100% working interest natural gas discovery in Central Alberta. The well has flow tested at restricted rates over a 5 day period at 1 mmcf/d at low draw down and is awaiting tie-in and should be on production by September 2008 assuming current industry conditions.