CALGARY, ALBERTA — (Marketwired) — 04/29/15 — Raise Production Inc. (TSX VENTURE: RPC) (the “Company”) is pleased to announce that it has closed a private placement offering of 2,500,000 common shares (the “Shares”) at a price of $1.20 per Share for total gross proceeds of $3,000,000 (the “Offering”).
It is anticipated that the gross proceeds of the Offering will be used for general corporate purposes. The Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws and the rules of the TSX Venture Exchange. The Offering is subject to final approval of the TSX Venture Exchange.
The private placement was non-brokered but in connection with the Offering, the Company has paid to Richardson GMP Limited a finder–s fee equal to $180,000, representing 6% of the gross proceeds of the Offering.
The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption there from under the 1933 Act and the securities laws of all applicable states.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
This news release contains certain forward-looking statements, including, but not limited to, the use of proceeds of the Offering. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties and should not be unduly relied upon. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from these anticipated in such statements. Forward-looking statements are based on the expectations of management of the Company as at the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian 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.
Contacts:
Raise Production Inc.
Eric Laing
President and Chief Executive Officer
Raise Production Inc.
Susan Scullion
Chief Financial Officer
Raise Production Inc.
Scott Riddell
VP, Business Development
Raise Production Inc.
2620-58th Avenue S.E.
Calgary, Alberta T2C 1G5
(403) 699-7675
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