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Media/Investor Relations
News Release
Ithaca Energy Completes First Round Private Placement Financing
CALGARY, ALBERTA, May 31, 2004 -- Ithaca Energy Inc., a next generation oil and gas company focusing on the untapped potential of proven reserves on the UK Continental Shelf in and around the North Sea, announces that it has closed its first round of financing in a private placement.
The placement of shares of common stock to investors in Alberta and two overseas investors was made in accordance with specific exemptions whereby Ithaca was not be required to file a prospectus in these jurisdictions.
The funds raised through this private placement will be used to identify and evaluate business opportunities for the Corporation, and for general and administrative expenses.
FOR FURTHER INFORMATION PLEASE CONTACT :
Ithaca Energy Inc.
Mr. Brad G. Gunn
VP Corporate Development
Phone: (403) 263-0050
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