ALBERTA--(Marketwire - April 19, 2010) -
NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
("BlackPearl" or the "Company") (TSX:PXX) (FIRST
NORTH:PXXS) is pleased to announce that it has entered into an agreement with a
syndicate of underwriters co-led by FirstEnergy Capital Corp. and GMP
Securities L.P., and including RBC Capital Markets, Canaccord Financial Ltd.,
Macquarie Capital Markets Canada Ltd., Peters & Co. Limited and TD
Securities Inc. (the "Underwriters") pursuant to which the Underwriters have
agreed to purchase for resale to the public, on a bought deal basis, 9,000,000
common shares (the "Common Shares") at $2.90 per Common Share for aggregate
gross proceeds of $26.1 million.
addition, the Underwriters have been granted an over-allotment option, which
may be exercised in whole or in part up to 30 days after closing of the
offering (the "Closing"), to purchase up to 1,350,000 additional
Common Shares at a price of $2.90 per Common Share. If the over-allotment is
fully exercised, gross proceeds from the offering will be approximately $30
Corporation intends to use the net proceeds to replenish working capital as a
result of the recent acquisition of an additional working interest at its
Blackrod SAGD project, accelerate development activities at Onion Lake and
other areas, and for general corporate purposes.
offering is scheduled to close on or about May 11, 2010 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals including the approval of the Toronto Stock Exchange and the
securities regulatory authorities.
news release does not constitute an offer to sell or a solicitation of any
offer to buy the securities in the United States. The securities offered have
not been and will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements of such Act.
Certified Advisor on First North is E. Öhman J:or Fondkommission AB.
Registration Number: 409596-1
press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. All statements
other than statements of historical fact may be forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "anticipate", "believe", "plan",
"continuous", "estimate", "expect",
"may", "will", "project", "should",
"predict", "targeting", "seek",
"intend", "could", "potential" or similar words.
In particular, this press release containing forward-looking statements
regarding the anticipated use of proceeds of the offering and the expected
closing date of the offering. Since forward looking statements address future
events and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ, and the difference may be material
and adverse to the Corporation and its shareholders. The closing of the
offering could be delayed if the Company is not able to obtain the necessary
regulatory and stock exchange approvals in a timely manner. The offering will
not be completed at all if these approvals are not obtained or some other
condition to the closing is not satisfied. The intended use of the net proceeds
of the offering may change if the board of directors and management determine
that it is in the Company's best interests to deploy the proceeds for some
other purpose. The Company believes the expectations and assumptions reflected
in those forward-looking statements are reasonable but no assurance can be
given that these expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon.
forward-looking statements and information contained in this press release are
made as of the date hereof and the Company undertakes no obligations to update
publicly or otherwise any forward-looking statements and information, whether
as a result of new information, future events or otherwise, unless so required
by applicable securities laws.