/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY,
March 22, 2013 /CNW/ - Emerald Bay
Energy Inc. (TSX Venture: EBY) (the "Corporation" or
"Emerald Bay") today reported
that on March 21, 2013, two (2)
shareholders of the Corporation (collectively, the "Selling
Shareholders") sold an aggregate of 750,000 common shares of
the Corporation ("Common Shares") at a price of $0.055 per Common Share to members of the public
through the assistance of Mackie Research Capital Corporation. None
of the Common Shares sold by the Selling Shareholders are subject
to any hold period restrictions.
Subsequent to the above sale of Common Shares,
the Selling Shareholders will, subject the final approval of the
TSX Venture Exchange; acquire at least 750,000 units pursuant to a
private placement announced on February 26,
2013. The terms of the proposed non-brokered private
placement are as follows: Up to 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.
