CALGARY, ALBERTA--(Marketwire - Sept. 26, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
SilverWillow Energy Corporation ("SilverWillow") (TSX VENTURE:SWE) announces today that it has entered into a private placement flow-through common share financing agreement, on a bought deal basis, with a syndicate of underwriters led by National Bank Financial Inc. Under this agreement, SilverWillow will issue from treasury 3,200,000 common shares on a flow-through basis for the purposes of the Income Tax Act (Canada) at a price of $1.25 per share for gross proceeds of $4.0 million. The flow-through common share offering is scheduled to close on or about October 18, 2012, and is subject to regulatory approval and completion of definitive documentation. SilverWillow intends to use the net proceeds from the private placement to fund a portion of its seismic program and exploration drilling on its Audet property.
About SilverWillow Energy
SilverWillow Energy Corporation is a Calgary, Alberta based pre-production oil sands company with a portfolio of exploration leases in Canada's Athabasca oil sands. To learn more, please visit www.swenergy.ca.
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. The use of any of the words "will", "intends" and other similar words or expressions is intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning the offering, anticipated proceeds of the offering, the proposed use of proceeds of the offering and the anticipated closing date of the offering.
The forward-looking information in this news release is based on certain key expectations and assumptions made by SilverWillow, including assumptions as to the completion of the offering and the timing thereof, the receipt of regulatory approvals for the offering and the use of proceeds of the offering. Although SilverWillow believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SilverWillow can give no assurance that it will prove to be correct.
The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others, the inherent risks involved in the exploration and development of oil sands properties, the possibility that SilverWillow may not be able to obtain the necessary approvals to proceed with the offering, delays in completing the offering, difficulties or delays in start-up operations, the uncertainties involved in interpreting drilling results and other geological data, fluctuating oil prices, the possibility of unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors including unforeseen delays. As an oil sands enterprise in the development stage, SilverWillow faces risks including those associated with exploration, development, start-up, approvals and the ability to access sufficient capital from external sources.
As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of SilverWillow are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com.
The forward-looking information contained in this news release is made as of the date hereof and SilverWillow undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE