EMBER RESOURCES INC. ANNOUNCES COMPLETION OF SUBSCRIPTION RECEIPT FINANCING
Calgary, Alberta, September 4, 2008 -- Ember Resources Inc. (TSX: EBR) ("Ember") and Cordero Energy Inc. (TSX: COR) ("Cordero") are pleased to announce that Ember has completed its previously announced private placement of 26,829,269 subscription receipts of Ember ("Subscription Receipts") at a price of $2.05 per Subscription Receipt for aggregate proceeds of $55,000,000. Each Subscription Receipt will convert into one common share of Ember upon the completion of the previously announced arrangement under the Business Corporations Act (Alberta) (the "Arrangement") involving Cordero Energy Inc. ("Cordero"), the Cordero shareholders and Ember.
The completion of the Arrangement remains subject to certain conditions, including final approval of the Arrangement by the Court of Queen's Bench of Alberta. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, Cordero and Ember anticipate that the Arrangement will become effective on or about September 5, 2008.
View PDF Report
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Company’s operations or financial results are included in the Company’s reports on file with Canadian securities regulatory authorities.
Ember Resources Inc. is a resource company specializing in coal bed methane (CBM) with extensive land and resource holdings in Alberta, Canada. Ember’s shares are traded on the Toronto Stock Exchange under the trading symbol “EBR”.
FOR FURTHER INFORMATION PLEASE CONTACT
Mr. Douglas A. Dafoe
President & C.E.O.
Ember Resources Inc.
Telephone: 403 270-0803
Facsimile: 403 270-2850
Mr. Terry S. Meek
Executive Vice President & C.O.O.
Ember Resources Inc.
Telephone: 403 270-0803
Facsimile: 403 270-2850
For previous Press Releases, please go to Sedar.
Return to Press Release Index >>