To: Goose94 who wrote (14795 ) 11/27/2015 9:21:18 AM From: Goose94 Read Replies (1) | Respond to Pine Cliff Energy (PNE-V) Nov 27, '15 is pleased to announce that it has closed its previously announced short form prospectus offering. The Company issued 63.9 million subscription receipts, including 8.3 million Subscription Receipts pursuant to the exercise of the over-allotment option granted to the Underwriters, at a price of $1.08 per Subscription Receipt for gross proceeds of $69 million. Underwriters "). Common Share ") of Pine Cliff upon closing of the previously announced acquisition of certain natural gas assets located in the Viking area of Central Alberta and Ghost Pine area of Central Alberta (collectively, the "Acquisition "). The Acquisition is expected to be completed on or about December 11, 2015 and is subject to customary industry closing conditions. Escrowed Funds ") have been deposited with Computershare Trust Company of Canada, as subscription receipt agent (the "Subscription Receipt Agent "), pending delivery by the Company to the Underwriters of a certificate to the effect that all of the material conditions (other than payment of the purchase price) (the "Escrow Conditions ") necessary to complete the Acquisition have been satisfied. Upon satisfaction of the Escrow Conditions on or before 5:00 p.m. (Toronto time) on January 31, 2016 (the "Deadline "), the Escrowed Funds will be released to the Company to enable it to complete the Acquisition. Pine Cliff will utilize the Escrowed Funds to pay a portion of the purchase price of the Acquisition, with the balance of the purchase price to be funded through a draw on the Company's revolving credit facility, which is expected to increase to reflect the Acquisition, and with working capital. If the Acquisition is not completed on or before the Deadline, or the Acquisition is terminated at an earlier time, as set out in the purchase and sale agreement governing the Acquisition, holders of the Subscription Receipts will each receive a cash payment equal to the Offering Price and any interest that was earned thereon. U.S. Securities Act ") and may not be offered or sold in the United States absent registration under, or an applicable exemption from the registration requirements of, the U.S. Securities Act.About Pine Cliff www.sedar.com www.pinecliffenergy.com info@pinecliffenergy.com www.pinecliffenergy.com
