Dec-14-2010
Press Releases
2010 Press Releases
Crown Point Announces Closing of $12 Million Equity Financing
December 14, 2010
Crown Point Ventures Ltd. (the “Company”) is pleased to announce that it has closed its previously announced “bought deal” equity financing (the “Offering”) with a syndicate of underwriters led by Wellington West Capital Markets Inc. and including PI Financial Corp. (collectively, the “Underwriters”). The Company has issued a total of 7,750,594 common shares of the Company (“Common Shares”), pursuant to the Offering and a concurrent non-brokered issuance of 34,000 Common Shares, at a price of $1.55 per Common Share for aggregate gross proceeds of $12,013,421. All securities issued pursuant to the Offering are subject to a four month hold period expiring on April 15, 2011.
The net proceeds of the Offering will be used to fund the Company’s ongoing capital program in Argentina and for general corporate purposes.
For inquiries please contact
Murray McCartney
President & CEO
Crown Point Ventures Ltd.
Ph: (403) 232-1150
m.mccartney@crownpointenergy.com
Arthur J.G. Madden
Vice-President & CFO
Crown Point Ventures Ltd.
Ph: (403) 232-1150
amadden@crownpointenergy.com
Website: www.crownpointenergy.com
About Crown Point
Crown Point Ventures Ltd. is an oil and gas exploration, development and production company with production in Argentina. The Company’s main activities are focused in the onshore Golfo San Jorge and Neuquén Basins in Argentina.
Advisory This news release contains certain forward-looking statements, which are based on numerous assumptions including but limited to (i) drilling success; (ii) production; (iii) future capital expenditures; and (iv) cash flow from operating activities. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Specific statements in this news release which might be considered forward-looking statements include statements regarding the expected use of the net proceeds of the Offering. Certain other information regarding Crown Point set forth in this document, including management’s assessment of Crown Point’s future plans and operations, number, type and timing of wells to be drilled, the planning and development of certain prospects, production estimates, and expected production growth may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Crown Point’s control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, Argentina, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof. Readers are cautioned that the foregoing list of factors is not exhaustive. Crown Point’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Additional information on these and other factors that could affect Crown Point’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Crown Point’s website (www.crownpointenergy.com).
The forward-looking statements contained in this document are made as at the date of this news release and Crown Point does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither 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 news release.
For further information concerning the Company, please contact us directly.