Next Millennium Closes Acquisition and $6 Million Brokered Private Placement
23 April 2008 - 7:11AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: NM) has closed a brokered private
placement of 12,000,000 units (the "Units") at a price of $0.50 per
Unit (the "Offering"). Each unit is comprised of one common share
and one warrant. Each warrant is exercisable into one additional
common share at $1.00 per share until April 22, 2009. The shares
and warrants are subject to a hold period which expires August 23,
2008. Canaccord Capital Corporation ("Canaccord") acted as lead
agent for this Offering.
Canaccord received a commission of seven percent (7%) of gross
proceeds which was paid in cash and Units. Next Millennium also
issued agents' warrants equal to five percent (5%) of the Units
sold under the Offering and a corporate finance fee which was paid
in Units. All shares and warrants issued to the selling group are
subject to a hold period which expires August 23, 2008.
Next Millennium has also closed its acquisition of 100% of the
issued common shares of Roadrunner Oil & Gas Inc. ("ROG"). ROG
was acquired for $600,000 cash and an obligation to issue up to
12,500,000 performance shares in the event that ROG held lands
begin producing and meet certain hydrocarbon production milestones
within five years from the date of acquisition. ROG is a private
Canadian company which has assembled an initial acreage position of
approximately 5,000 acres in the Michigan basin in order to test
the concept that, properly stimulated, certain oil and gas bearing,
but generally non productive formations may be caused to yield
hydrocarbons at commercially attractive rates. ROG's acreage
position is distributed over several prospects, leasing is ongoing
and three wells are scheduled for drilling in mid 2008.
Net proceeds from the Offering will be used to fund Next
Millennium's acquisition of ROG, to acquire additional exploration
leases in the Michigan basin and to complete exploration of
prospects identified on ROG leased lands.
Final TSX-V approval has been received for both the acquisition
of ROG and closing of the brokered private placement.
Next Millennium is an oil and gas exploration and development
company. Next Millennium's shares are listed on Tier 2 of the TSX
Venture Exchange under the symbol "NM".
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Next Millennium Commercial Corp. Michael Curtis
President and Chief Executive Officer (416) 640-3702 (905) 248-5353
(FAX) Email: mcurtis@cardwellcap.com
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