CALGARY, ALBERTA–(Marketwired – Aug. 13, 2013) – Anterra Energy Inc. (TSX VENTURE:AE.A)(OTCQX:ATERF) (“Anterra” or the “Company”) announces that it has signed a letter of intent with Jiangsu Baoli Asphalt Co., Ltd. (“Baoli”) of China for a $7 million private placement of Class A common shares priced at $0.067 per share. The financing is subject to several conditions, including the execution of a definitive agreement, TSX Venture Exchange (“TSX-V”) approval, and compliance with applicable laws. The financing is expected to close on or before October 31, 2013 and is conditional on the appointment of a representative of Baoli to Anterra’s board of directors.
“This proposed financing will support the planned expansion of our oil and gas activities in Western Canada,” stated Dr. Gang Fang, Chief Executive Officer of Anterra. “Proceeds from the financing will be used to fund our capital programs including potential property acquisitions, exploitation and development activities, as well as fund working capital requirements.”
The Baoli private placement is in addition to the $7 million financing with Huisheng Group Co. Ltd. announced on May 29, 2013, which is scheduled to close upon receipt of final acceptance from the TSX-V, and the $7 million financing completed on April 5, 2013 with LandOcean Resources Investment Canada Co. Ltd.
About Anterra Energy Inc.
Anterra is an independent, oil focused junior exploration and production company with an expanding presence in the Western Canadian Sedimentary Basin. The Company is actively engaged in the acquisition, development and production of oil and natural gas complemented by the operation of fee-based midstream facilities. Anterra is headquartered in Calgary, Alberta, is listed and trades on the TSX-V under the symbol AE.A and trades on OTCQX International under the symbol ATERF. Additional information is available on the Company’s website at www.anterraenergy.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the timing and terms of proposed financings and the proposed use of the proceeds of the Baoli financing. Anterra has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approvals and the ability of Anterra to satisfy, in a timely manner, the other conditions to the closing of the financings. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive.