|
|
Media/Investor Relations
News Release
Ithaca Energy Announces Closing of Private Placement Totaling US$18 Million
LONDON, U.K. - CALGARY, ALBERTA, Sept. 15, 2005 -- Ithaca Energy Inc. announced that it has closed a private placement totaling US$18.2 million, including a previously announced closing of US$13.5 million. The offering was placed with British, Canadian and American institutional and individual investors. The offering was oversubscribed and the Company increased allotments to accommodate an increased level of interest.
As previously announced, Ithaca plans to use the net proceeds of this offering to fund the Company’s ongoing work programmes and commitments on its existing licenced acreage and those on the twelve blocks recently acquired in the 23rd Round of awards, expenditures on the previously announced Barbara Gas discovery acquisition which awaits partner and DTI approval, and general working capital. Octagon Capital Corporation of Toronto, Canada led the offering and was paid fees for its role.
"We are delighted to expand our shareholder base to include respected institutions in the UK, Canada, and the United States and appreciate their support. This funding will allow us to continue to execute on our business plan and rapidly grow our company." said Ithaca Energy's CEO, Mr. Lawrence H. Payne.
Ithaca Energy Inc. is a next generation oil and gas company focusing on the untapped potential of oil and gas reserves on the UK Continental Shelf in the North Sea.
FOR FURTHER INFORMATION PLEASE CONTACT:
In Aberdeen:
Ithaca Energy Inc.
Neill M. Carson
President
Tel.: +44 (0) 1224 865645
In London:
Ithaca Energy Inc.
Mr. Lawrence H. Payne
CEO
Tel: +44 (0) 2073 611541
In Calgary:
Ithaca Energy Inc.
Mr. Brad G. Gunn
VP Corporate Development
Phone: (403) 263-0050
|
|
