/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY,
April 3, 2013 /CNW/ - Emerald Bay
Energy Inc. (TSX Venture: EBY) (the "Corporation" or
"Emerald Bay") today reported
that the Corporation has closed its previously announced private
placement. Pursuant to the private placement, 7,950,000 units
("Units") were issued at a price of $0.05 per Unit, for aggregate consideration of
$397,500 (of which 1,900,000 Units
were purchased for by CHF Investor Relations (the Corporation's
investor relations firm)). Each Unit consisted 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.
Finder's fees totaled an aggregate of
$32,250 and an aggregate of 645,000
finder's fee warrants were issued to specific finders for their
assistance on this closing. Each finder's fee warrant shall
be exercisable for a period of 12 months from the date of issuance
into one Unit (on the same terms and conditions as those received
by the subscribers under this Offering) at $0.05 per Unit.
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.
