/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY,
Feb. 26, 2013 /CNW/ - Emerald Bay
Energy Inc. (TSX Venture: EBY) (the "Corporation" or
"Emerald Bay") today reported
that the Corporation is proposing a private placement offering of
up to $1,000,000 (up to maximum of
20,000,000 common shares ("Common Shares") of the
Corporation). The Common Shares are to be issued under a unit
offering whereby up to a maximum of 20,000,000 units
("Units") at a subscription price of $0.05 per Unit are to be offered. Each Unit
shall consist of one (1) Common Share of the Corporation and one
(1) share purchase warrant (the "Warrant") (each full
Warrant shall entitle the holder thereof to purchase one (1)
additional Common Share of the Corporation for a period of 12
months from the issuance of the Units at a price of $0.10) (the "Offering").
The Warrants are subject to an acceleration
clause whereby if after four months and one day following the date
the Warrants are issued, the closing price of the Common Shares of
the Corporation on the principal market on which such shares trade
is equal to or exceeds $0.15 for 30
consecutive trading days (with the 30th such trading
date hereafter referred to as the "Eligible Acceleration
Date"), the Warrant expiry date shall accelerate to the date
which is 30 calendar days following the date a press release is
issued by the Corporation announcing the reduced warrant term,
provided, no more than five business days following the Eligible
Acceleration Date: (i) the press release is issued; and (ii)
notices are sent to all warrant holders.
The net proceeds will be used for exploration
and expansion of the Corporation's South
Texas property and general working capital needs.
All of the Common Shares and Warrants issued
pursuant to the private placement are subject to a 4-month hold
period. Completion of the private placement is subject to the final
approval of the TSX Venture Exchange.
About Emerald
Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with
production properties in Western
Canada and South
Texas. The common shares of Emerald Bay trade on the
TSX Venture Exchange under the symbol "EBY". Please visit our
website at www.emeraldbayenergy.com.
If you would like to receive press releases
via email please contact olivia@chfir.com. Please specify
"Emerald Bay press releases" in the
subject line.
Neither 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.
SOURCE Emerald Bay Energy Inc.
