Pan Orient Announces $27,450,000 Bought Deal Private Placement
(YESSSSS this puts a floor under the stock at $9.15, they didn't sell us down the road, Kipp)
08:08 EDT Monday, October 29, 2007
CALGARY, ALBERTA--(Marketwire - Oct. 29, 2007) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.
Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) announced today that it has entered into an agreement with a syndicate of underwriters co-led by Orion Securities Inc. and Wellington West Capital Markets Inc. and including Tristone Capital Inc. to raise, by way of a bought deal private placement, $27,450,000 through the issue of 3,000,000 common shares at a price of $9.15 per share.
The net proceeds from the offering will be used by Pan Orient for new venture activities focused on South East Asia and South Asia.
Closing of the offering is expected to occur on or about November 14, 2007 and is subject to the receipt of all necessary regulatory approvals. The common shares issued will be subject to a four-month hold period from the date of closing.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
The common shares of Pan Orient have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S." Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. The common shares may also be offered on a private placement basis to institutional investors in the United Kingdom.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(403) 294-1770
or
Pan Orient Energy Corp.
Jason Bednar
Vice President Finance and CFO
(403) 294-1770
