ALBERTA--(Marketwire - May 11, 2010) -
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce
the completion of its previously announced $28.8 million offering of common
shares (the "Offering"). The Offering was made through a syndicate
of underwriters co-led by FirstEnergy Capital Corp. and GMP Securities L.P.,
and including RBC Capital Markets, Canaccord Financial Ltd., Macquarie Capital
Markets Canada Ltd., Peters & Co. Limited and TD Securities Inc. (the
"Underwriters"), and consisted of 10,350,000 common shares offered at
a price of $2.90 per share, including 1,350,000 common shares issued pursuant
to an over-allotment option granted to the Underwriters.
The Corporation intends to use the net
proceeds of the Offering to replenish working capital utilized in the recent
acquisition of an additional working interest at its Blackrod SAGD project, to
accelerate development activities at Onion Lake, and for general corporate
This news release does not constitute an
offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the
U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements
of such Act.
BlackPearl's Certified Advisor on First North is E. Öhman J:or Fondkommission AB.
Company Registration Number: 409596-1
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "believe",
"plan", "continuous", "estimate",
"expect", "may", "will", "project",
"should", "predict", "targeting",
"seek", "intend", "could", "potential"
or similar words. In particular, this press release containing forward-looking
statements regarding the anticipated use of proceeds of the offering. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results could
differ, and the difference may be material and adverse to the Corporation and
its shareholders. The intended use of the net proceeds of the Offering may
change if the board of directors and management determine that it is in the
Company's best interests to deploy the proceeds for some other purpose. The
Company believes the expectations and assumptions reflected in those
forward-looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon.
The forward-looking statements and information contained in this
press release are made as of the date hereof and the Company undertakes no
obligations to update publicly or otherwise any forward-looking statements and
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.